Asi liquidating corp
As a result, for privately insured credit unions, ESI is able to offer up to an additional 0,000 of protection on top of the 0,000 that American Share provides without limitation to the class of account being insured.: Not every privately insured credit union purchases ESI’s broad coverage.The following explains the amount of additional share insurance protection ESI can provide members of federally insured credit unions as compared to members of a privately insured credit union.Over one-third of America’s state-chartered credit unions have the option of choosing to insure their members’ share/deposit accounts with American Mutual Share Insurance Corporation (ASI), the nation’s only non-federal, credit union-owned private share insurer, and ESI’s parent company.Also, ESI’s insurance policy requires that every credit union submit financial statements and a listing of accounts eligible for excess coverage quarterly in order to continue coverage.Individual policies are not provided to members and there is no direct cost to you for this coverage.Most people don’t realize that private share insurance existed long before the NCUA, a federal agency, began insuring the share accounts of federally chartered credit unions in 1971; in fact, as far back as 1957, a private share insurance program operated in the state of Illinois.
It is important to note that excess deposit insurance is payable only upon the failure and liquidation of an excess insured credit union. Financial data and other information are supplied to rating services annually for their review and analysis.We are selective as to who we insure, and not all credit unions that apply for coverage are accepted due to ESI’s strict underwriting standards.