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If your questions about ASI primary share insurance aren’t answered here, please don’t hesitate to contact us.
How do credit union members feel about being privately insured?
When ASI has worked with a credit union to convert from federal to private insurance, the membership has voted in favor of the move. Today, more than one million credit union members are insured under ASI‘s primary insurance program.
Does ASI operate as effectively as a federal insurer?
Yes. History shows that, in terms of primary claims, ASI has reported annual net claims paid averaging just $0.19 per $1,000 of insured shares. This record is exceptional among deposit insurance programs today and better than the credit union federal share insurance fund for the same period.
Are privately insured credit unions examined?
Yes, in four ways. First, all ASI-insured credit unions are required to submit detailed financial information at least quarterly, which is analyzed and monitored for potential problems. Second, year-end financial statements and independent auditors‘ reports are required to be filed with and reviewed by ASI. Third, ASI staff conducts field examinations of the credit unions it insures. And last, every ASI-insured credit union is subjected to periodic examination by its state regulator, whose reports are also provided to ASI.
Who regulates ASI?
We are regulated by both the Ohio Departments of Commerce and Insurance. ASI business practices and operations are extensively examined, which include the following oversight:
• The Ohio Department of Commerce invites examiners from each of the nine states in which ASI operates to participate in a thorough annual statutory exam of ASI.
• Each year, an independent "big four" accounting firm conducts an annual audit of our financial statements.
• Annually an independent actuary attests to the adequacy of our reserves.
• ASI files quarterly and annual financial reports with the Ohio Departments of Commerce and Insurance, various other state regulators and the National Association of Insurance Commissioners (NAIC).
• The Ohio Department of Insurance conducts a cyclical statutory examination of ASI.
