Overview
What is Rhode Island Life & Health Insurance Guaranty Association?
The Rhode Island Life & Health Insurance Guaranty Association is a nonprofit organization situated in Providence, Rhode Island. Their primary mission is to uphold public trust in the commitments of insurance companies, particularly those licensed to offer life, annuity, and health insurance in the state. They accomplish this by assuming and settling the unpaid claims of financially troubled insurance firms, ensuring beneficiaries receive their due benefits. According to the provided data, their efforts in this regard resulted in a net payment of -$5731. The association is a small operation, with a team of just two employees.
Official website here: www.rilifega.org
Is Rhode Island Life & Health Insurance Guaranty Association legitimate?
Rhode Island Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Rhode Island Life & Health Insurance Guaranty 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: $105,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $19,810
For more financial information, click here
Official website here: www.rilifega.org
What is the mission statement of Rhode Island Life & Health Insurance Guaranty Association?
The Rhode Island Life & Health Insurance Guaranty Association's mission is centered around preserving public trust in the insurance industry. Specifically, they aim to fulfill the promises made by insolvent insurance companies that offer life, annuity, and health insurance. In the event of a company's insolvency, this organization steps in to pay out claims to the beneficiaries, thereby safeguarding their financial security. In addition, the Association may also reimburse previously paid claims, contributing to the overall stability of the insurance market.
Official website here: www.rilifega.org
Who is the CEO of Rhode Island Life & Health Insurance Guaranty Association?
Unavailable
Official website here: www.rilifega.org
What is the revenue of Rhode Island Life & Health Insurance Guaranty Association?
Rhode Island Life & Health Insurance Guaranty Association's revenue in 2022 was $359,286.
Official website here: www.rilifega.org
Who are the executives of Rhode Island Life & Health Insurance Guaranty Association and what are their salaries?
The average compensation at Rhode Island Life & Health Insurance Guaranty Association during 2022 was $62,655. There are 2 employees at Rhode Island Life & Health Insurance Guaranty Association.
There is 1 key member and their salary:
- Compensation: $105,500
- Related: $0
- Other: $0
Official website here: www.rilifega.org
Where can I find the form 990 for Rhode Island Life & Health Insurance Guaranty Association?
Rhode Island Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.rilifega.org
Learn more at the official website: www.rilifega.org
Mission Statement of Rhode Island Life & Health Insurance Guaranty Association
The Rhode Island Life & Health Insurance Guaranty Association is committed to upholding public trust in the commitments of insurance companies. This is achieved by assuming the obligations of insolvent insurance companies that are authorized to offer life, annuity, and health insurance policies within Rhode Island. In simpler terms, when an insurance company fails to meet its financial commitments due to insolvency, the Rhode Island Life & Health Insurance Guaranty Association steps in to fulfill those promises, restoring confidence in the insurance sector for beneficiaries. The association's actions in paying out claims from insolvent companies and receiving reimbursements for previously paid claims have resulted in a net loss of $5731. This role played by the Rhode Island Life & Health Insurance Guaranty Association serves to protect policyholders, ensuring that they receive the benefits they are entitled to, even when their insurance company is unable to meet its obligations.
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Impact
October, 2024
The Rhode Island Life & Health Insurance Guaranty Association plays a vital role in maintaining public confidence in the insurance sector by ensuring that beneficiaries of insolvent insurance companies receive the claims they are owed. By covering the claims of insurers that have failed, the Association mitigates the financial impact on policyholders and their families. This guarantees that individuals who have invested in life, annuity, and health insurance products are not left without recourse in the event of an insurance company's insolvency.
With claims paid to beneficiaries totaling significant amounts, the Association's ability to reimburse previously covered claims directly supports those affected, reinforcing trust in the insurance industry. Its mission is essential for community stability, as it helps prevent financial distress for individuals and families who depend on these policies for security and support during challenging times. The Association's impact is felt across Rhode Island, fostering a sense of reliability in the promises made by insurers and enhancing the overall welfare of the community.
This information is meant to be a general summary of Rhode Island Life & Health Insurance Guaranty 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: $48,021
- Program Service Revenue: $311,265
- Gross Receipts: $964,822
Assets and Liabilities:
- Total Assets: $2,569,051
- Total Liabilities: $0
- Net Assets: $2,569,051
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Member Assessments
Revenue
$311,265
Organization Details
Founding Year
1986
Phone
(401) 273-2921Main Address
235 Promenade Street 445, Providence, RI, 02908
Website
www.rilifega.orgNTEE Category
Code: S40 - Community improvement
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