DUBLIN, Ohio (9/9/13)--There will be a special premium assessment of 7.5 basis points of total shares for credit unions with private insurance from American Mutual Share Insurance (ASI) , that company announced Friday.
The premium will be assessed of all primary insured credit unions of record with ASI as of Sept. 30 and does not apply to federally insured credit unions with excess share insurance underwritten by ASI or its wholly owned subsidiary, Excess Share Insurance Corporation.
ASI President/CEO Dennis Adams said, "Although we are seeing signs of an end to the recession, we still find ourselves facing low yields on our high‐quality bond portfolio. In addition, we remain committed to sufficiently funding our loss reserves at a slowing, but not yet normal, rate this year."
ASI, chartered in 1974, is licensed by the Ohio Department of Insurance and regulated by both the Ohio Department of Insurance and the Ohio Department of Commerce. It is a credit union‐owned share guaranty corporation and it insures the savings of credit union members up to $250,000 per individual member account.