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Primary Share Insurance FAQs

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Sometimes, all you need are simple answers to your questions. If you don’t find what you need here, please Contact Us for more information.

Who is ASI?

American Share Insurance, or ASI, is an Ohio-based share guaranty corporation that insures consumer savings (share accounts) on deposit with state-chartered credit unions in selected states. Founded in 1974 by credit union activists, the corporation is the nation‘s largest private deposit insurer for natural person credit unions and only insures deposits in credit unions.

How is ASI different from the federal deposit insurance program?

The federal deposit insurance program for credit unions is operated by an agency of the United States government, the National Credit Union Administration (NCUA), not the FDIC. ASI is a private not-for-profit corporation, owned by the credit unions it insures. Individual members of ASI-insured credit unions can have multiple accounts (savings, checking, money market, CDs, etc.) and each is insured to $250,000. This allows members to have all their insured savings at one credit union.

Why do some credit unions prefer to be privately insured?

Several reasons. Private insurance allows credit union members to maintain higher deposits in each of their accounts. ASI allows credit unions to operate efficiently under their state-charter and be responsive to local member needs.

What is ASI‘s rating?

ASI is not assigned an insurance industry rating by A.M. Best due to ASI's structure as a mutual share guaranty corporation as opposed to a traditional insurance company. Financial data and other information are supplied to rating services annually for their review and analysis.  ASI’s audited financial statements are available upon request from your credit union or ASI. Contact Us for a copy.

Who regulates ASI?

ASI is dual regulated by the Ohio Departments of Insurance and Commerce.  Also, credit union examiners from each state in which ASI operates are invited to participate in a thorough annual exam of the company conducted by the Ohio Department of Commerce.  The Ohio Department of Insurance conducts a cyclical statutory examination of ASI and a “big four” auditing firm annually certifies ASI’s financial statements.

Is ASI primary insurance available to my credit union?

Please refer to ASI's coverage availability map to determine if ASI's primary insurance is available in your state.

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