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Key reasons why credit unions choose ASI primary share insurance.
Since our founding in 1974, ASI has focused on an innovative deposit insurance program, emphasizing the separation of account insurance from statutory regulation. That's a complicated way of saying that insurance and regulation are two very different business issues. We believe credit unions should have the choice to manage them separately to better adapt to the needs of their individual markets. This philosophy sets ASI apart from a federal system that promotes a “one-size-fits-all” approach.
We believe there are several key reasons why credit unions trust ASI to protect their members’ deposits:
Up to $250,000 of coverage per account.
That’s per account… not per member. Each and every deposit account of an individual member qualifies for $250,000 coverage. There is no limit to the number of accounts covered per member.
Insurer, not a regulator.
ASI serves as an insurer, not a regulator of our member credit unions. Our focus is on the safety and soundness of the credit union, leaving regulatory oversight to the individual state credit union authority.
Listen to our members.
ASI is a member-owned fund. Our board of directors is elected by our member credit unions, and an advisory council broadens our reach by providing greater member input. This structure allows us to respond quickly and efficiently to member needs, leading to a successful share insurance fund.
Financially sound and dual regulated.
ASI is licensed by the Ohio Department of Insurance and dual regulated by the Ohio Departments of Insurance and Commerce. The Ohio Department of Commerce invites credit union examiners from each state in which ASI operates to participate in its annual statutory exam of the company. In addition, the Ohio Department of Insurance conducts cyclical statutory examinations of ASI and a “big four” international auditing firm annually certifies as to ASI’s financial statements.
Proven performance since 1974.
ASI has been insuring credit unions since 1974 and has been successful because of our sound underwriting and risk management policies. We believe in state sovereignty and the primary mission of state-chartered credit unions to meet changing member needs without undue interference in day-to-day operations.