Overview
What is North Carolina Insurance Underwriting Association?
The North Carolina Insurance Underwriting Association is a nonprofit organization based in Raleigh, North Carolina, with the address 751 Corporate Center Dr 200. Established in 1969 by the North Carolina General Assembly, it serves as a last resort market for providing property insurance to individuals and businesses in the beach and coastal areas of North Carolina who cannot buy it in the standard insurance market. All property and casualty insurance companies operating in North Carolina are mandated by law to contribute to the Association's operations, sharing in its losses on a pro rata basis. The organization is not an agency of the state government but is regulated by the North Carolina Commissioner of Insurance. Its mission is to ensure access to property insurance for those who might otherwise be left unprotected.
Official website here: www.ncjua-nciua.org
Is North Carolina Insurance Underwriting Association legitimate?
North Carolina Insurance Underwriting Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. North Carolina Insurance Underwriting 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: $707,380
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,615,739
For more financial information, click here
Official website here: www.ncjua-nciua.org
What is the mission statement of North Carolina Insurance Underwriting Association?
The North Carolina Insurance Underwriting Association was established by the state legislature in 1969 as a last resort market to provide property insurance to individuals and businesses in North Carolina who cannot obtain it in the standard insurance market. The association is funded and regulated by all property and casualty insurance companies operating in the state. These companies share in the association's losses on a proportional basis. The association is not an agency of the state government but is overseen by the North Carolina Commissioner of Insurance. Its primary mission is to ensure insurance coverage for those who struggle to find it in the regular market.
Official website here: www.ncjua-nciua.org
Who is the CEO of North Carolina Insurance Underwriting Association?
Dianne Hardy is the Chief Executive Officer of North Carolina Insurance Underwriting Association. The CEO's salary of North Carolina Insurance Underwriting Association is $0 and their total compensation is $601,257.
Official website here: www.ncjua-nciua.org
What is the revenue of North Carolina Insurance Underwriting Association?
North Carolina Insurance Underwriting Association's revenue in 2022 was $357,797,739.
Official website here: www.ncjua-nciua.org
Who are the executives of North Carolina Insurance Underwriting Association and what are their salaries?
Here are 23 key members and their salaries (North Carolina Insurance Underwriting Association's CEO's salary is $0 and their total compensation is $601,257):
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- Related: $482,458
- Other: $118,799
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- Related: $347,952
- Other: $103,710
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- Related: $253,050
- Other: $83,419
- Compensation: $0
- Related: $235,362
- Other: $65,835
- Compensation: $0
- Related: $196,572
- Other: $71,585
- Compensation: $0
- Related: $190,245
- Other: $55,170
- Compensation: $0
- Related: $179,645
- Other: $65,870
- Compensation: $0
- Related: $177,022
- Other: $38,375
Official website here: www.ncjua-nciua.org
Where can I find the form 990 for North Carolina Insurance Underwriting Association?
North Carolina Insurance Underwriting Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ncjua-nciua.org
Learn more at the official website: www.ncjua-nciua.org
Mission Statement of North Carolina Insurance Underwriting Association
The North Carolina Insurance Underwriting Association, established in 1969, serves as a safety net for individuals and businesses in the beach and coastal areas of North Carolina who are unable to purchase property insurance in the standard market. This non-profit organization was founded by the North Carolina General Assembly as a market of last resort and is mandatory for all property and casualty insurance companies operating in the state to participate in and contribute to its operations. In the event of losses, the companies share these on a pro rata basis. The Association is not an agency of the state government but is regulated by the North Carolina Commissioner of Insurance.
The mission of the North Carolina Insurance Underwriting Association is to provide property insurance coverage for those who face barriers in the standard insurance market. By doing so, it ensures that residents and businesses in designated coastal areas are not left unprotected against potential property damages or losses. The Association's role is crucial in maintaining financial stability and security within the communities it serves. Its unique position as a market of last resort enables it to offer affordable insurance solutions to those who might otherwise be unable to secure coverage. The Association's regulatory oversight by the North Carolina Commissioner of Insurance adds an additional layer of trust and transparency to its operations.
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Impact
October, 2024
The North Carolina Insurance Underwriting Association (NCIUA) plays a crucial role in providing property insurance to individuals and businesses in coastal regions who struggle to secure coverage in the standard market. Established in 1969 as a market of last resort, the NCIUA ensures that those at higher risk, particularly in areas prone to natural disasters, have access to necessary insurance protection.
By facilitating this coverage, the NCIUA stabilizes the insurance market, prevents coverage gaps, and supports economic growth in vulnerable coastal communities. Its operations are funded collectively by all property and casualty insurance companies operating in North Carolina, which ensures that the financial burden is shared equitably among providers. This collaboration not only supports those in need of coverage but also fosters a sense of mutual benefit within the insurance industry.
Furthermore, under the oversight of the North Carolina Commissioner of Insurance, the NCIUA operates within a regulated framework, ensuring accountability and adherence to established standards. This regulatory oversight enhances consumer trust and contributes to the stability of the insurance environment in the state, ultimately protecting the interests of those dependent on this essential coverage.
This information is meant to be a general summary of North Carolina Insurance Underwriting 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: $18,198,301
- Program Service Revenue: $339,376,324
- Gross Receipts: $360,368,791
Assets and Liabilities:
- Total Assets: $1,241,045,262
- Total Liabilities: $322,131,158
- Net Assets: $918,914,104
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS
Revenue
$339,376,324
Organization Details
Founding Year
1969
Phone
(919) 821-1299Principal Officer
Dianne Hardy
Main Address
751 CORPORATE CENTER DR 200, RALEIGH, NC, 27607
Website
www.ncjua-nciua.orgNTEE Category
Code: Y20 - Mutual benefit
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