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CU System
ASI assesses another special deposit premium at 15 bp
DUBLIN, Ohio (9/13/11)--Private share insurer American Mutual Share Insurance Corp. (ASI) will assess a special premium for 2011 in the amount of 15 basis points, or 15% of 1% of total shares, ASI's Board of Directors announced last week. The premium will be assessed of all primary insured credit unions of record with the company as of Sept. 30, 2011 and based on total shares reported as of June 30. Subject to final regulatory approvals, the Special Premium Assessment is expected to be billed on or about Sept. 30. The assessment does not apply to excess share insurance policyholder credit unions insured by Excess Share Insurance Corp. (ESI) or ASI. "Lower yields on our high-quality government bond portfolio and a hesitant economic recovery have strained our earnings, while weaknesses in a small number of member credit unions in select markets have required a more aggressive posture when funding our loss reserves," said ASI President/CEO Dennis Adams. "The Board of Directors has closely monitored ASI's earnings, reserves and equity throughout the year, and has arrived at this difficult decision only after long deliberation and consideration of input from the company's actuaries, member credit unions and ASI's Primary Insured Credit Union Advisory Council," Adams said. The council is comprised of 20 CEOs from primary insured credit unions in each of ASI's nine states of operation. ASI made its first-ever special premium assessment in January 2010 after some losses at a few member credit unions. That assessment was also 15 bp (News Now Dec. 30, 2009). ASI is a credit union-owned share guaranty corporate based in Dublin, Ohio. It insures savings of credit union members up to $250,000 per individual member account and insures 146 state-chartered credit unions in nine states.


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