Overview
What is New Jersey Surplus Lines Insurance Guaranty Fund?
The New Jersey Surplus Lines Insurance Guaranty Fund, abbreviated as NJSLIGF, is a nonprofit organization established by New Jersey State legislation. Its primary mission is to ensure the payment of "covered claims" for insolvent surplus lines insurance companies. This fund was initially established through a one-time assessment of eligible surplus lines insurers by July 21, 2011, and further sustained by a surcharge on policy premiums, although this latter measure has not been activated since August 1993. The purpose of NJSLIGF is to provide financial security and stability within the surplus lines insurance market, safeguarding policyholders in the event of insurer insolvency.
Official website here: www.njguaranty.org
Is New Jersey Surplus Lines Insurance Guaranty Fund legitimate?
New Jersey Surplus Lines Insurance Guaranty Fund is a legitimate nonprofit organization registered as a 501(c)(6) entity. New Jersey Surplus Lines Insurance Guaranty Fund 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: $754
Professional Fundraising Fees: $0
Other Salaries and Wages: $5,813
For more financial information, click here
Official website here: www.njguaranty.org
What is the mission statement of New Jersey Surplus Lines Insurance Guaranty Fund?
The New Jersey Surplus Lines Insurance Guaranty Fund was established under New Jersey Statute 17:22-6.70 ET seq. Its primary mission is to provide a mechanism for the payment of "covered claims" from insolvent surplus lines insurance companies. This is achieved through a one-time assessment of eligible surplus lines insurers, as well as a surcharge on policy premiums, although the surcharge has not been activated since August 1993. The fund's purpose is to ensure financial security for policyholders in the event of an insurer's insolvency, thereby protecting the interests of the insurance market in New Jersey.
Official website here: www.njguaranty.org
Who is the CEO of New Jersey Surplus Lines Insurance Guaranty Fund?
Joseph Dellafera is the CEO of New Jersey Surplus Lines Insurance Guaranty Fund The CEO's salary of New Jersey Surplus Lines Insurance Guaranty Fund is $0 and their total compensation is $330,284.
Official website here: www.njguaranty.org
What is the revenue of New Jersey Surplus Lines Insurance Guaranty Fund?
New Jersey Surplus Lines Insurance Guaranty Fund's revenue in 2023 was $482,063.
Official website here: www.njguaranty.org
Who are the executives of New Jersey Surplus Lines Insurance Guaranty Fund and what are their salaries?
Here are 21 key members and their salaries (New Jersey Surplus Lines Insurance Guaranty Fund's CEO's salary is $0 and their total compensation is $330,284):
- Compensation: $0
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- Related: $295,408
- Other: $34,876
- Compensation: $0
- Related: $232,414
- Other: $33,169
- Compensation: $0
- Related: $186,459
- Other: $33,664
- Compensation: $0
- Related: $176,850
- Other: $28,871
- Compensation: $0
- Related: $175,773
- Other: $14,895
- Compensation: $0
- Related: $119,556
- Other: $10,238
- Compensation: $0
- Related: $155,066
- Other: $31,638
- Compensation: $0
- Related: $148,624
- Other: $26,573
- Compensation: $0
- Related: $152,014
- Other: $34,555
- Compensation: $0
- Related: $153,816
- Other: $12,942
- Compensation: $0
- Related: $143,978
- Other: $35,673
- Compensation: $0
- Related: $147,915
- Other: $30,550
Official website here: www.njguaranty.org
Where can I find the form 990 for New Jersey Surplus Lines Insurance Guaranty Fund?
New Jersey Surplus Lines Insurance Guaranty Fund's most recent form 990 was submitted in 2023 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 Surplus Lines Insurance Guaranty Fund
The New Jersey Surplus Lines Insurance Guaranty Fund, established by New Jersey State Statute 17:22-6.70 et seq., was created with a mission to provide a mechanism for paying "covered claims" of insolvent surplus lines insurance companies. This fund was initially funded through a one-time assessment of eligible surplus lines insurers, up until July 21, 2011. Since then, the funding has been maintained through a surcharge on policy premiums, although this surcharge has not been activated since August 1993. In essence, the New Jersey Surplus Lines Insurance Guaranty Fund serves as a safeguard, ensuring financial protection for policyholders when their surplus lines insurance companies face insolvency, thereby maintaining the stability of the surplus lines insurance market in New Jersey.
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Impact
October, 2024
The New Jersey Surplus Lines Insurance Guaranty Fund plays a critical role in ensuring financial protection for policyholders in the event of insolvency of surplus lines insurance companies. Established under NJSA 17:22-6.70 et seq., this fund provides a structured mechanism for the payment of "covered claims" when insurers can no longer meet their obligations. This is particularly important in the surplus lines market, where unique risks are often covered.
Since its inception, the Fund has been financed through a one-time assessment levied on eligible surplus lines insurers, and although a surcharge on policy premiums was established as a potential funding mechanism, it has not been activated since August 1993. The effectiveness of the Fund thus ensures that policyholders can pursue their claims without the fear of financial loss due to insurer insolvency, bolstering confidence in the insurance market and promoting stability within the industry.
By mitigating the impact of insolvent insurers, the New Jersey Surplus Lines Insurance Guaranty Fund protects consumers and contributes to a more resilient insurance environment, ultimately enhancing the trust and reliability of surplus lines coverage.
This information is meant to be a general summary of New Jersey Surplus Lines Insurance Guaranty Fund. 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 2023.
- Investment Income: $192,760
- Program Service Revenue: $299,831
- Gross Receipts: $8,372,011
Assets and Liabilities:
- Total Assets: $8,063,509
- Total Liabilities: $2,663
- Net Assets: $8,060,846
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DIST. - INSOLVENCY PRO
Revenue
$299,831
Organization Details
Founding Year
1984
Principal Officer
Frank Rotella
Website
www.njguaranty.orgNTEE Category
Code: Y20 - Mutual benefit
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