ASI announces – no special premium assessment for 2014
DUBLIN, OH (August 28, 2014) — Dennis Adams, President/CEO of American Mutual Share Insurance Corporation (ASI), announced to member credit unions today that there would be no Special Premium Assessment (“SPA”) in 2014 by the nation’s private share insurer. Mr. Adams reported that, “At its regularly scheduled meeting, held August 20, 2014, the ASI Board of Directors determined at this time there is no need to collect an SPA for 2014 from its insured credit unions.”
Mr. Adams noted that, “After reviewing the Company’s favorable results to date – and as forecasted for the balance of the year – the Board concluded that the SPA collected in 2009 through 2013 would not be necessary in 2014. The Company’s partial recoveries this year from its $26.4 million in capital assistance afforded Silver State Schools Credit Union (NV), will contribute greatly to the Company’s bottom line in 2014.”
Adams also stated, “ASI is proud to have weathered the past five years collecting total SPAs of less than three-quarters the amount paid by federally insured credit unions (61.50 bps versus 83.32 bps) during the same time period.”
ASI is a credit union-owned share guaranty corporation insuring state-chartered credit unions in nine states nationally, providing $250,000 of coverage per individual member account, without the need to creatively restructure member accounts to secure such broad coverage. The corporation is subject to dual regulation in its state of domicile by the Ohio Departments of Commerce and Insurance, and licensed by the Ohio Department of Insurance. Accounts insured by ASI are not insured by the federal government, nor are ASI-insured credit unions subject to regulatory oversight by the National Credit Union Administration (NCUA).