Overview
What is Pennsylvania Property And Casualty Insurance Guaranty Association?
The Pennsylvania Property and Casualty Insurance Guaranty Association is a nonprofit organization headquartered in Philadelphia, Pennsylvania. Its primary mission is to ensure the payment of covered claims under certain property and casualty insurance policies, preventing excessive delays and minimizing financial losses for claimants or policyholders. In the event of an insurer's insolvency, the Association steps in to provide financial assistance in accordance with the Pennsylvania Statute 40 - Insurance P.S. 991.1801 et seq. The organization employs a team of 12 individuals dedicated to fulfilling this essential role.
Official website here: www.ppciga.org
Is Pennsylvania Property And Casualty Insurance Guaranty Association legitimate?
Pennsylvania Property And Casualty Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Pennsylvania Property And Casualty 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,388,490
For more financial information, click here
Official website here: www.ppciga.org
What is the mission statement of Pennsylvania Property And Casualty Insurance Guaranty Association?
The Pennsylvania Property and Casualty Insurance Guaranty Association is dedicated to ensuring the payment of covered claims under certain property and casualty insurance policies. This organization works to prevent excessive delays in claim payments and protect claimants or policyholders from financial loss due to an insurer's insolvency. By following the requirements of Title 40 - Insurance P.S. 991.1801 et seq of the Pennsylvania statute, the Association provided payments for covered claims during the year, thus upholding its commitment to maintaining financial security for policyholders and claimants.
Official website here: www.ppciga.org
Who is the CEO of Pennsylvania Property And Casualty Insurance Guaranty Association?
Christopher Shermer is the Chairman of Pennsylvania Property And Casualty Insurance Guaranty Association.
Official website here: www.ppciga.org
What is the revenue of Pennsylvania Property And Casualty Insurance Guaranty Association?
Pennsylvania Property And Casualty Insurance Guaranty Association's revenue in 2022 was $17,374,884.
Official website here: www.ppciga.org
Who are the executives of Pennsylvania Property And Casualty Insurance Guaranty Association and what are their salaries?
The average compensation at Pennsylvania Property And Casualty Insurance Guaranty Association during 2022 was $115,708. There are 12 employees and 7 volunteers at Pennsylvania Property And Casualty Insurance Guaranty Association.
Here are 12 key members and their salaries:
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- Compensation: $177,440
- Related: $0
- Other: $23,477
- Compensation: $246,575
- Related: $0
- Other: $36,851
- Compensation: $169,088
- Related: $0
- Other: $29,577
- Compensation: $167,174
- Related: $0
- Other: $47,849
- Compensation: $121,787
- Related: $0
- Other: $33,576
Official website here: www.ppciga.org
Where can I find the form 990 for Pennsylvania Property And Casualty Insurance Guaranty Association?
Pennsylvania Property And Casualty Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ppciga.org
Learn more at the official website: www.ppciga.org
Mission Statement of Pennsylvania Property And Casualty Insurance Guaranty Association
The Pennsylvania Property and Casualty Insurance Guaranty Association serves a crucial role in ensuring the payment of covered claims under certain property and casualty insurance policies. In the event of an insurer's insolvency, this organization steps in to prevent excessive delays in claim payments and protect claimants and policyholders from financial losses. Adhering to Title 40 - Insurance P.S. 991.1801 et seq of the Pennsylvania statute, the Association acts as a safety net, providing financial security for those who might otherwise face hardships due to the insolvency of their insurer. Through its mission, the Pennsylvania Property and Casualty Insurance Guaranty Association offers peace of mind to policyholders, enabling them to focus on recovery rather than financial concerns. By assuming the responsibility of paying covered claims, the Association not only upholds its commitment to policyholders but also protects the financial stability of the industry as a whole.
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Impact
October, 2024
The Pennsylvania Property and Casualty Insurance Guaranty Association plays a crucial role in protecting policyholders and claimants from financial loss. By ensuring the payment of covered claims under specific property and casualty insurance policies, the Association mitigates the adverse effects of an insurer's insolvency. This commitment prevents excessive delays in claim settlements, providing timely assistance to those affected.
By fulfilling its mission, the Association enhances community stability and trust in the insurance system. It serves as a safety net, assuring policyholders that they will not face undue hardship due to circumstances beyond their control, thereby contributing to the overall well-being of the community.
This information is meant to be a general summary of Pennsylvania Property And Casualty 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: $771,034
- Program Service Revenue: $16,603,850
- Gross Receipts: $17,905,223
Assets and Liabilities:
- Total Assets: $161,229,955
- Total Liabilities: $783,549,139
- Net Assets: -$622,319,184
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBER ASSESSMENTS
Revenue
$16,405,275
PREMIUM REFUNDS RETURNED
Revenue
$198,575
Organization Details
Founding Year
1970
Phone
(215) 568-1007Principal Officer
Christopher Shermer
Main Address
1617 JOHN F KENNEDY BLVD 1850, PHILADELPHIA, PA, 19103
Website
www.ppciga.orgNTEE Category
Code: S40 - Community improvement
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