DUBLIN, Ohio—Privately insured CUs will not pay a special premium assessment in 2014.
American Share Insurance (ASI) made the announcement Thursday to its membership.
President/CEO Dennis Adams said the company's "favorable results" year to date and what is projected through December led to the decision.
"The board concluded that the SPA collected in 2009 through 2013 would not be necessary in 2014," Adams stated in a release. "The company's partial recoveries this year from its $26.4 million in capital assistance afforded Silver State Schools Credit Union, will contribute greatly to the company's bottom line in 2014."
Adams also pointed out that ASI "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."
Last year ASI assessed its members a 7.5 basis point Special Premium Assessment.
