Overview
What is New Jersey Life & Health Insurance Guaranty Association?
The New Jersey Life & Health Insurance Guaranty Association is a nonprofit organization, established by law, situated in Lincroft, New Jersey. Its primary mission is to offer safeguards to policyholders of financially struggling or insolvent insurance companies, as stipulated by New Jersey Statute 17B32A-1, et seq. To achieve this, the association makes necessary payments to ensure policyholder protection. The organization, with a modest workforce of two individuals, plays a significant role in maintaining financial stability within the insurance sector of New Jersey.
Official website here: www.njlifega.org
Is New Jersey Life & Health Insurance Guaranty Association legitimate?
New Jersey Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. New Jersey 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: $136,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $54,600
For more financial information, click here
Official website here: www.njlifega.org
What is the mission statement of New Jersey Life & Health Insurance Guaranty Association?
The New Jersey Life & Health Insurance Guaranty Association, established by statute, is dedicated to providing necessary safeguards for policyholders of financially struggling or insolvent insurance companies. In alignment with New Jersey Statute 17B32A-1, et seq., the association offers protective measures to policyholders in such situations. Its primary objective is to ensure continuity of insurance coverage and financial security for policyholders during times of insurer instability. The association carries out its mission by making payments to meet these obligations, thereby upholding the trust and confidence of the policyholders.
Official website here: www.njlifega.org
Who is the CEO of New Jersey Life & Health Insurance Guaranty Association?
Felix Schirripa is the Executive Director of New Jersey Life & Health Insurance Guaranty Association.
Official website here: www.njlifega.org
What is the revenue of New Jersey Life & Health Insurance Guaranty Association?
New Jersey Life & Health Insurance Guaranty Association's revenue in 2022 was $131,716.
Official website here: www.njlifega.org
Who are the executives of New Jersey Life & Health Insurance Guaranty Association and what are their salaries?
The average compensation at New Jersey Life & Health Insurance Guaranty Association during 2022 was $95,550. There are 2 employees at New Jersey Life & Health Insurance Guaranty Association.
Here are 12 key members and their salaries:
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Official website here: www.njlifega.org
Where can I find the form 990 for New Jersey Life & Health Insurance Guaranty Association?
New Jersey Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.njlifega.org
Learn more at the official website: www.njlifega.org
Mission Statement of New Jersey Life & Health Insurance Guaranty Association
The New Jersey Life & Health Insurance Guaranty Association, established by statute, is committed to providing essential protections to policyholders of financially troubled or insolvent insurance companies. In accordance with New Jersey Statute 17B32A-1, et seq., this nonprofit organization ensures that policyholders receive the coverage they are due, thereby safeguarding their financial security. The mission of the New Jersey Life & Health Insurance Guaranty Association is centered around upholding its statutory mandate, thereby offering a vital safety net for insurance policyholders in times of insurer distress.
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Impact
October, 2024
The New Jersey Life & Health Insurance Guaranty Association plays a crucial role in safeguarding policyholders by providing financial protections in the event that their insurance providers become impaired or insolvent. Established under NJ Statute 17B32A-1, et seq., the association ensures that individuals who hold life and health insurance policies are not left vulnerable to financial losses due to the failure of their insurers.
When an insurer is declared impaired or insolvent, the association steps in to make payments, thereby maintaining policyholder protections and ensuring continuity of coverage. This safety net enhances the overall stability of the insurance market, fostering public confidence by assuring consumers that their investments in life and health insurance products are secure. By offering these protections, the association serves a vital function in the financial ecosystem of New Jersey, ultimately contributing to mutual benefit among policyholders.
This information is meant to be a general summary of New Jersey 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: $130,161
- Gross Receipts: $131,716
Assets and Liabilities:
- Total Assets: $19,326,953
- Total Liabilities: $0
- Net Assets: $19,326,953
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Organization Details
Founding Year
1991
Phone
(732) 345-5200Principal Officer
Felix Schirripa
Main Address
521 Newman Springs Road STE 22, Lincroft, NJ, 07738
Website
www.njlifega.orgNTEE Category
Code: Y20 - Mutual benefit
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