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Questions Often Asked by Financial Institution Management
Questions Often Asked by Consumers
Questions Often Asked by Financial Institution Management
Question: How do I determine what accounts are insured by deposit insurance program?
Answer: If your financial institution elects to provide deposit insurance to all accounts, then the actual determination of which accounts are insured is dependent upon UKGC Risk coverage guarantee. In order for a member to be eligible for such coverage, they must first have maximized their coverage limits their primary coverage (if possible). Once that is attained, then they may be additionally insured by us.
Question: Must I provide deposit insurance on all of my products?
Answer: Providing deposit insurance on all products is the simplest way for monitoring and marketing purposes. Should you elect to provide deposit coverage only on specific products, then proper disclosure to members is required.
Question: What marketing materials are available to assist us?
Answer: Once your financial institution is approved and your policy is properly executed, we provide you with initial marketing supplies. Additional items may be ordered from our marketing department.
Question: What reporting is required?
Answer: Complete reporting details are provided in the policy; however, generally speaking a financial institution is required to submit monthly, financial data and a delinquency report. A listing of insured accounts and premiums are reported monthly.
Question: How is my premium rate determined?
Answer: Approved applicants are assigned a rating as determined by a third party, nationally recognized rating service. This system reviews multiple ratios and assigns a rating between A+ and E to each financial institution. Your rating, as determined by this source, defines your monthly premium rate.
Question: Can I have more or less than $25,000,000 of deposit coverage per account?
Answer: The maximum amount of deposit insurance available is $25,000,000 per qualifying account. You may elect to have less than $25,000,000 pending approval by our underwriting department and proper consumer disclosure.
Questions Often Asked by Consumers
(Additional list of questions and answers)
Question: Do I receive a policy for my deposit insurance?
Answer: Policies are not provided to the individual consumer. Our coverage is actually provided to the institution.
Question: How do I know if coverage is changed or terminated?
Answer: Should your credit union no longer participate in the deposit insurance program, or should the amount of coverage change, you are required to be notified on our web site.
Question: How do I know my account is covered with deposit insurance?
Answer: Your credit union forwards a quarterly report to us of accounts covered. You may contact us at our Emails to confirm that your account has been reported.
Question: How safe is your company (UKGC) ?
Answer: There are several factors you should be comfortable in knowing about the security of our company:
We are reviewed and monitored regularly by the appropriate agency in each Country in which we operate. We retain extensive reinsurance with unrelated third party re-insurers if necessary in accordance with Law. We maintain lines of credit for supplemental liquidity. We monitor all of our insured institutions monthly We conduct periodic on-site examinations of our financial institutions. We insure only financially sound institutions meeting our criteria. Not all financial institutions applying for this coverage are accepted.
Question: What do I have to do to activate coverage?
Answer: Nothing. Your financial institutions completes the necessary paperwork and notifies members (her clients, it mean you) when coverage is available.
Question: Is there a charge to me for coverage?
Answer: Normally there is no direct charge to the consumer. Your financial institution may, however, elect to charge you for this additional insurance. Contact your financial institutions if you are uncertain.
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