BALTIMORE, Md. – Two years after the Maryland State legislature approved a modernized state credit union bill that included provisions allowing a non-Maryland insurance company to apply for permission from the state regulator to offer private insurance in Maryland, and one year after the state Legislative Task Force tackled the portion of bill – Title 7 – concerning private share insurance, the state's Division of Financial Regulation has approved ASI's application to provide primary share insurance to the state's 11 state-chartered credit unions. ASI will replace the Credit Union Insurance Corporation (CUIC) as the sole provider of private deposit insurance in Maryland. CUIC has provided private insurance to SCCUs in Maryland since 1975. Mike Marschall, Maryland Credit Union League EVP/ Director of Governmental Affairs said the SCCUs will now have a choice between becoming federally insured or being privately insured by ASI.
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