Overview
What is Maine Self-Insurance Guarantee Association?
The Maine Self-Insurance Guarantee Association is a nonprofit organization situated in Cape Elizabeth, Maine. Its primary mission is to offer financial assistance in the form of funds for making required benefit payments to participants in self-insured workers' compensation programs within Maine. This association aims to prevent excessive payment delays and financial losses for claimants due to the insolvency of a self-insurer. By providing mechanisms for the settlement of covered workers' compensation claims under self-insurance coverage, the Maine Self-Insurance Guarantee Association aims to ensure timely and efficient payment to claimants, thereby upholding their rights and protecting their interests.
Is Maine Self-Insurance Guarantee Association legitimate?
Maine Self-Insurance Guarantee Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Maine Self-Insurance Guarantee Association submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $50,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Maine Self-Insurance Guarantee Association?
The Maine Self-Insurance Guarantee Association's mission is centered around providing mechanisms to ensure timely payments of workers' compensation claims under self-insurance coverage. It aims to prevent excessive delays and financial losses to claimants due to the insolvency of a self-insurer. In case of insolvency, the association serves to supply funds for mandated benefit payments to covered participants in self-insured workers' compensation programs in Maine. Its role is also extended to assist when needed by the Superintendent of Insurance in detecting self-insurer insolvencies.
Who is the CEO of Maine Self-Insurance Guarantee Association?
Elizabeth Brogan is the Administrator of Maine Self-Insurance Guarantee Association.
What is the revenue of Maine Self-Insurance Guarantee Association?
Maine Self-Insurance Guarantee Association's revenue in 2022 was $159,277.
Who are the executives of Maine Self-Insurance Guarantee Association and what are their salaries?
There 8 volunteers at Maine Self-Insurance Guarantee Association.
Here are 9 key members and their salaries:
- Compensation: $50,000
- Related: $0
- Other: $0
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- Compensation: $0
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- Other: $0
Where can I find the form 990 for Maine Self-Insurance Guarantee Association?
Maine Self-Insurance Guarantee Association's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Maine Self-Insurance Guarantee Association
Maine Self-Insurance Guarantee Association's primary mission is to establish mechanisms for the payment of workers' compensation claims under self-insurance coverage. This organization aims to prevent excessive delays in payment and financial loss to claimants due to the insolvency of a self-insurer. In simpler terms, the association serves as a safety net, providing funds to make mandated benefit payments to covered participants in self-insured workers' compensation programs in Maine, should the self-insured program encounter financial instability. By doing so, Maine Self-Insurance Guarantee Association seeks to uphold its commitment to avoiding financial hardships for claimants and ensuring the continuity of workers' compensation benefits.
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Impact
October, 2024
The Maine Self-Insurance Guarantee Association plays a crucial role in ensuring the stability and reliability of workers' compensation claims for self-insured entities in the state. By providing a guarantee fund, the association safeguards covered participants against the financial fallout that can occur from the insolvency of a self-insured employer. This mechanism ensures timely payments for workers' compensation claims, significantly reducing the risk of excessive delays that can lead to financial distress for claimants.
In the event a self-insured program becomes insolvent, the association steps in to facilitate mandated benefit payments, thus maintaining the integrity of the workers' compensation system. This service not only protects claimants from financial loss but also instills confidence in self-insured programs, encouraging more entities to participate while knowing there is a safety net in place.
Additionally, the Maine Self-Insurance Guarantee Association supports the state in identifying potential insolvencies among self-insurers. By collaborating with the Superintendent of Insurance, it aids in the early detection of financial issues, ensuring proactive measures can be taken to protect the interests of workers and employers alike. Through these efforts, the association contributes significantly to the overall stability of the workers' compensation landscape in Maine.
This information is meant to be a general summary of Maine Self-Insurance Guarantee Association. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $63,851
- Program Service Revenue: $95,426
- Gross Receipts: $2,047,926
Assets and Liabilities:
- Total Assets: $4,352,275
- Total Liabilities: $990
- Net Assets: $4,351,285
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CLAIMS FEE REIMBURSED
Revenue
$95,426
Organization Details
Founding Year
1982
Phone
(207) 370-7556Principal Officer
Elizabeth Brogan
Main Address
42 STONEGATE RD CO EBROGAN, CAPE ELIZABETH, ME, 04107
NTEE Category
Code: Y20 - Mutual benefit
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