Overview
What is New Jersey Property - Liability Insurance Guaranty Association?
The New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA) is a nonprofit organization established by New Jersey State law NJSA 17:30A-1 et seq. Its primary mission is to ensure the payment of "covered claims" for insolvent insurance companies based in New Jersey. This association is funded through assessments from member insurance companies, which are required by statute to join NJPLIGA if they write any type of insurance subject to the New Jersey Property-Liability Insurance Guaranty Association Act. The organization operates with 125 employees, providing a safety net for policyholders in the event of insurance company insolvency.
Official website here: www.njguaranty.org
Is New Jersey Property - Liability Insurance Guaranty Association legitimate?
New Jersey Property - Liability Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. New Jersey Property - Liability 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: $223,218
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,752,160
For more financial information, click here
Official website here: www.njguaranty.org
What is the mission statement of New Jersey Property - Liability Insurance Guaranty Association?
The New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA) was established to ensure the payment of "covered claims" from insolvent insurance companies. The statute that governs NJPLIGA outlines a mechanism for fulfilling this obligation. The association is funded through assessments from member insurance companies. All insurance companies in New Jersey, which fall under the jurisdiction of the New Jersey Property-Liability Insurance Guaranty Association Act, are required to be members of NJPLIGA. In essence, NJPLIGA safeguards the financial security of policyholders by stepping in to pay claims when their insurers are unable to do so.
Official website here: www.njguaranty.org
Who is the CEO of New Jersey Property - Liability Insurance Guaranty Association?
Frank Rotella is the Trustee - Director of New Jersey Property - Liability Insurance Guaranty Association. The CEO's salary of New Jersey Property - Liability Insurance Guaranty Association is $293,170 and their total compensation is $326,911.
Official website here: www.njguaranty.org
What is the revenue of New Jersey Property - Liability Insurance Guaranty Association?
New Jersey Property - Liability Insurance Guaranty Association's revenue in 2022 was $101,872,999.
Official website here: www.njguaranty.org
Who are the executives of New Jersey Property - Liability Insurance Guaranty Association and what are their salaries?
The average compensation at New Jersey Property - Liability Insurance Guaranty Association during 2022 was $15,803. There are 125 employees at New Jersey Property - Liability Insurance Guaranty Association.
Here are 20 key members and their salaries (New Jersey Property - Liability Insurance Guaranty Association's CEO's salary is $293,170 and their total compensation is $326,911):
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- Compensation: $293,170
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- Other: $33,741
- Compensation: $230,797
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- Other: $30,437
- Compensation: $175,130
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- Other: $30,393
- Compensation: $166,795
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- Other: $28,999
- Compensation: $166,110
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- Other: $26,324
- Compensation: $161,084
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- Other: $13,570
- Compensation: $146,036
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- Other: $31,540
- Compensation: $138,416
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- Other: $23,986
- Compensation: $139,615
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- Other: $32,004
- Compensation: $133,897
- Related: $0
- Other: $20,493
- Compensation: $144,297
- Related: $0
- Other: $11,638
Official website here: www.njguaranty.org
Where can I find the form 990 for New Jersey Property - Liability Insurance Guaranty Association?
New Jersey Property - Liability Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.njguaranty.org
Learn more at the official website: www.njguaranty.org
Mission Statement of New Jersey Property - Liability Insurance Guaranty Association
The New Jersey Property-Liability Insurance Guaranty Association, or NJPLIGA, was established under the New Jersey Statute 17:30A-1 et seq. This nonprofit organization serves a crucial role in ensuring the payment of "covered claims" for insolvent insurance companies based in New Jersey. NJPLIGA operates through assessments from its member companies, all of which are insurance companies licensed in the state and subject to the New Jersey Property-Liability Insurance Guaranty Association Act. In simpler terms, NJPLIGA steps in to pay out insurance claims when the companies they represent are no longer able to do so themselves.
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Impact
October, 2024
The New Jersey Property-Liability Insurance Guaranty Association (NJPLIGA) plays a crucial role in ensuring consumer protection within the insurance market of New Jersey. Established under NJSA 17:30A-1 et seq., NJPLIGA acts as a safety net for policyholders in the event that an insurance company becomes insolvent. This association provides a mechanism for the payment of "covered claims," which are claims against insurers that cannot fulfill their financial obligations due to bankruptcy or insolvency.
By offering this financial security, NJPLIGA helps maintain consumer confidence in the insurance industry. It ensures that policyholders are not left with unresolved claims and potential financial burdens when their insurance providers fail. This protection fosters a more stable insurance market by mitigating the risks associated with insurance company insolvency, which can lead to broader economic impacts.
Funding for NJPLIGA comes from assessments made on member insurance companies. All licensed insurance companies in New Jersey that write applicable types of insurance must be members, ensuring a collaborative approach to risk management within the industry. Overall, NJPLIGA significantly enhances community stability and trust in the insurance system, reinforcing the importance of reliable coverage for New Jersey residents.
This information is meant to be a general summary of New Jersey Property - Liability 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: $2,397,641
- Program Service Revenue: $99,475,358
- Gross Receipts: $348,726,667
Assets and Liabilities:
- Total Assets: $273,617,077
- Total Liabilities: $2,237,019
- Net Assets: $271,380,058
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBER ASSESMENTS
Revenue
$94,876,222
LIQUIDATION DIVIDEND
Revenue
$3,336,108
TRAN FR ST OF NJ-SELF
Revenue
$1,263,028
Organization Details
Founding Year
1974
Phone
(908) 382-7100Principal Officer
Frank Rotella
Main Address
233 MOUNT AIRY ROAD, BASKING RIDGE, NJ, 07920
Website
www.njguaranty.orgNTEE Category
Code: S40 - Community improvement
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