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Maryland House, Senate bills introduced, open door for ASI to provide private insurance

BALTIMORE, Md. - Two identical bills - House Bill 728 and Senate Bill 776 - were introduced in the state House and Senate on February 6 that empower the state commission of financial regulation to approve American Share Insurance (ASI) to provide private insurance to Maryland's state-chartered credit unions. ASI...

By Staff Writer | Updated on February 26, 2002

<p>BALTIMORE, Md. – Two identical bills – House Bill 728 and Senate Bill 776 – were introduced in the state House and Senate on February 6 that empower the state commission of financial regulation to approve American Share Insurance (ASI) to provide private insurance to Maryland’s state-chartered credit unions. ASI already provides excess share insurance to the SCCUs in eight states (18 other states have statutory provisions allowing for private insurance pending regulatory approval), but until now Credit Union Insurance Corp. (CUIC) has been the only provider of private share insurance to SCCUs in the state. Among the provisions of the bill, which when passed becomes effective July 1, 2002, CUIC would be prohibited from accepting new members after the date the commissioner issues the first certificate of authority to ASI, and each member of CUIC would have to either obtain federal insurance or private share guaranty insurance within two years from when ASI insurance is available.</p>

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