The board of American Share Insurance in Dublin, Ohio, has announced a special premium assessment of 15 basis points for 2011.
The premium will only apply to credit unions using ASI primary deposit insurance as of Sept. 30, 2011. It will be based upon total reported shares as of June 30, 2011. The assessment is subject to final regulatory approvals but is expected to be billed around Sept. 30.
The assessment does not apply to excess share insurance policyholder credit unions.
“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,” President/CEO Dennis Adams said in a statement.
