Overview
What is Massachusetts Life & Health Insurance Guaranty Association?
The Massachusetts Life & Health Insurance Guaranty Association is a nonprofit organization situated in Springfield, Massachusetts. Its primary mission is to safeguard policyholders in the event of insolvency for life and health insurance companies licensed to operate within the state. Specifically, it ensures the payment of claims against insolvent companies, thereby protecting policyholders' financial interests. This crucial role serves as a safety net for Massachusetts residents, providing them with peace of mind in the face of unforeseen circumstances involving insurance providers.
Official website here: www.malifega.org
Is Massachusetts Life & Health Insurance Guaranty Association legitimate?
Massachusetts Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Massachusetts 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.
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Official website here: www.malifega.org
What is the mission statement of Massachusetts Life & Health Insurance Guaranty Association?
The Massachusetts Life & Health Insurance Guaranty Association's primary mission is to ensure financial security for policyholders in the event of an insolvent insurance company. Specifically, they are responsible for paying claims against insolvent companies licensed to transact life and health insurance within the state. This organization serves as a safety net for policyholders, providing them with peace of mind and protecting their financial interests. In the event of an insurance company's insolvency, the association steps in to fulfill the company's obligations, ensuring that policyholders receive the benefits they are entitled to.
Official website here: www.malifega.org
Who is the CEO of Massachusetts Life & Health Insurance Guaranty Association?
William B Fisher Esq is the Principal Officer of Massachusetts Life & Health Insurance Guaranty Association.
Official website here: www.malifega.org
What is the revenue of Massachusetts Life & Health Insurance Guaranty Association?
Massachusetts Life & Health Insurance Guaranty Association's revenue in 2022 was $38,283.
Official website here: www.malifega.org
Who are the executives of Massachusetts Life & Health Insurance Guaranty Association and what are their salaries?
Here are 14 key members and their salaries:
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Official website here: www.malifega.org
Where can I find the form 990 for Massachusetts Life & Health Insurance Guaranty Association?
Massachusetts Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.malifega.org
Learn more at the official website: www.malifega.org
Mission Statement of Massachusetts Life & Health Insurance Guaranty Association
The Massachusetts Life & Health Insurance Guaranty Association is committed to an essential mission. In the event of insolvency, this organization steps in to pay out claims against insurance companies that are licensed to offer life and health insurance services within the Commonwealth of Massachusetts. By fulfilling this role, the Massachusetts Life & Health Insurance Guaranty Association provides a vital safety net, ensuring that policyholders can access the benefits they are entitled to, even when their insurers face financial instability. This proactive approach protects the interests of policyholders, thereby safeguarding their financial well-being and peace of mind.
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Impact
October, 2024
The Massachusetts Life & Health Insurance Guaranty Association plays a critical role in safeguarding policyholders in the event of an insurance company becoming insolvent. Its primary function is to pay claims for life and health insurance policies issued by licensed companies within the Commonwealth of Massachusetts. By doing so, it provides vital financial protection to individuals and families who rely on these insurance products for their health and financial security.
In the case of an insurer's insolvency, the association steps in to ensure that policyholders can still access benefits, thereby instilling confidence in the insurance system. This guarantee not only protects consumers but also contributes to the overall stability of the insurance marketplace in Massachusetts. By mitigating the risks associated with insurance company failures, the Massachusetts Life & Health Insurance Guaranty Association plays an essential role in promoting mutual benefit and trust among consumers and the insurance industry.
This information is meant to be a general summary of Massachusetts 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: $31,871
- Program Service Revenue: $1,016
- Gross Receipts: $38,283
Assets and Liabilities:
- Total Assets: $3,778,679
- Total Liabilities: $143,905
- Net Assets: $3,634,774
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS
Revenue
$1,016
Organization Details
Founding Year
1986
Phone
(413) 744-8483Principal Officer
William B Fisher Esq
Main Address
PO BOX 3171, SPRINGFIELD, MA, 011013171
Website
www.malifega.orgNTEE Category
Code: Y20Z - Mutual benefit
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