In a commentary posted on Times our CEO, Richard Gallagher, discusses why should keep their forms separate from their insurance. Trust your forms to forms specialist and the insurance to the insurance specialist. Credit Unions, keep insurance separate from your forms.

In 2016, the net premium written by the U.S. credit insurance industry amounted to approximately 1.1 billion U.S. dollars. Now that's a lot of money. How many of those dollars were actually used to subsidize the cost of your forms?

Let's be real about the situation. In many cases (perhaps even a majority-plus), you might be offered what may appear as a “bargain” for your forms when bundled with you offering their insurance to your members. It's likely you'll find those very same forms unavailable without the insurance. Why? Because often the insurance premiums you're collecting on behalf of the carrier are being used to offset the cost of the forms.

Richard Gallagher

To read more about how your credit union can stay compliant and improve it's future go check out the CU Times article and then check out our lending documents for your credit union.

(note: this is an older entry and has been edited since originally posted.)