Overview
What is The Life Insurance Company Guaranty Corporation Of New York?
The Life Insurance Company Guaranty Corporation of New York, located in Kew Gardens Hills, New York, serves as a safeguard for the state's residents. Established with a mission to protect individuals from the financial consequences of life insurance companies' failure or insolvency, the corporation has demonstrated its commitment by providing over half a billion dollars in benefit support payments during the years 2012 to 2015, on behalf of Executive Life Insurance Company of New York's policyholders. The corporation's primary function is to ensure that New York State residents receive their contractual benefits, even when the life insurance companies they have deals with encounter financial difficulties.
Official website here: www.nylifega.org
Is The Life Insurance Company Guaranty Corporation Of New York legitimate?
The Life Insurance Company Guaranty Corporation Of New York is a legitimate nonprofit organization registered as a 501(c)(6) entity. The Life Insurance Company Guaranty Corporation Of New York 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.
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Official website here: www.nylifega.org
What is the mission statement of The Life Insurance Company Guaranty Corporation Of New York?
The Life Insurance Company Guaranty Corporation of New York's mission is centered around providing security to residents of the state. Specifically, it aims to shield them from the consequences of contractual obligations not being fulfilled due to the financial instability or insolvency of life insurance companies operating within New York State. The corporation has a significant role in this regard, having supported policyholders of Executive Life Insurance Company of New York with over $500 million in benefit payments between 2012 and 2015.
Official website here: www.nylifega.org
Who is the CEO of The Life Insurance Company Guaranty Corporation Of New York?
Myron Schlanger is the Acting Treasurer of The Life Insurance Company Guaranty Corporation Of New York.
Official website here: www.nylifega.org
What is the revenue of The Life Insurance Company Guaranty Corporation Of New York?
The Life Insurance Company Guaranty Corporation Of New York's revenue in 2022 was $271,743.
Official website here: www.nylifega.org
Who are the executives of The Life Insurance Company Guaranty Corporation Of New York and what are their salaries?
Here are 14 key members and their salaries:
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Official website here: www.nylifega.org
Where can I find the form 990 for The Life Insurance Company Guaranty Corporation Of New York?
The Life Insurance Company Guaranty Corporation Of New York's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nylifega.org
Learn more at the official website: www.nylifega.org
Mission Statement of The Life Insurance Company Guaranty Corporation Of New York
The Life Insurance Company Guaranty Corporation of New York, as outlined in its mission, is committed to safeguarding New York State residents from the potential fallout of inadequate or failed contractual obligations stemming from the impairment or bankruptcy of life insurance companies licensed to operate within the state. This corporation serves as a shield, ensuring that policyholders of Executive Life Insurance Company of New York received over $500 million in benefit support payments between 2012 and 2015, in the event of the company's inability to fulfill its contractual obligations. In essence, the mission of The Life Insurance Company Guaranty Corporation of New York is to provide a safety net for policyholders, offering peace of mind and financial security in the face of unforeseen circumstances involving their life insurance providers.
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Impact
October, 2024
The Life Insurance Company Guaranty Corporation of New York plays a crucial role in safeguarding the interests of policyholders in the state. By providing protection against the failure of life insurance companies, it ensures that New Yorkers can rely on the financial security promised by their insurance contracts. Its impact is particularly evident in its response to the insolvency of Executive Life Insurance Company of New York, where it successfully collected and distributed over $500 million in benefit support payments to affected policyholders between 2012 and 2015. This significant financial backing underscores its essential mission to maintain consumer trust in the insurance system, thereby enhancing overall financial stability for residents in New York State. By addressing the risks associated with insurance company insolvencies, the Corporation fosters a safer environment for individuals and families who depend on life insurance for their long-term financial planning.
This information is meant to be a general summary of The Life Insurance Company Guaranty Corporation Of New York. 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: $85,143
- Gross Receipts: $271,743
Assets and Liabilities:
- Total Assets: $5,555,822
- Total Liabilities: $0
- Net Assets: $5,555,822
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Organization Details
Founding Year
1985
Phone
(212) 202-4243Principal Officer
Myron Schlanger
Main Address
141-06 71st Avenue, Kew Gardens Hills, NY, 11367
Website
www.nylifega.orgNTEE Category
Code: Y20 - Mutual benefit
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