Overview
What is Tennessee Insurance Guaranty Association?
Tennessee Insurance Guaranty Association is a nonprofit organization situated in Nashville, Tennessee. Their primary role is to manage a Property and Casualty Self-Assessment Guaranty Fund. This fund involves assessing member insurance companies and providing compensation for claims resulting from insolvency, as outlined in Tennessee state law (T.C.A. 56-12-101 et seq.). With a staff of seven individuals, they operate to ensure financial stability and protection for policyholders in the event of a member company's insolvency.
Official website here: www.tiga.net
Is Tennessee Insurance Guaranty Association legitimate?
Tennessee Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Tennessee 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: $168,577
Professional Fundraising Fees: $0
Other Salaries and Wages: $433,544
For more financial information, click here
Official website here: www.tiga.net
What is the mission statement of Tennessee Insurance Guaranty Association?
The Tennessee Insurance Guaranty Association's primary role is to oversee a Property and Casualty Self-Assessment Guaranty Fund, as instructed by the Tennessee Statute (T.C.A. 56-12-101 et seq.). This organization's main activity involves assessing member companies and providing compensation for claims that arise from insolvency within the same statutory framework. Their mission is essentially to ensure financial stability and protection for policyholders in the event of a member company's failure, thereby maintaining confidence in the insurance industry as a whole.
Official website here: www.tiga.net
Who is the CEO of Tennessee Insurance Guaranty Association?
Lorrie Brouse is the Exec. Secretary of Tennessee Insurance Guaranty Association.
Official website here: www.tiga.net
What is the revenue of Tennessee Insurance Guaranty Association?
Tennessee Insurance Guaranty Association's revenue in 2022 was $5,456,137.
Official website here: www.tiga.net
Who are the executives of Tennessee Insurance Guaranty Association and what are their salaries?
The average compensation at Tennessee Insurance Guaranty Association during 2022 was $86,017. There are 7 employees at Tennessee Insurance Guaranty Association.
Here are 8 key members and their salaries:
- Compensation: $168,577
- Related: $0
- Other: $0
- Compensation: $121,526
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.tiga.net
Where can I find the form 990 for Tennessee Insurance Guaranty Association?
Tennessee Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.tiga.net
Learn more at the official website: www.tiga.net
Mission Statement of Tennessee Insurance Guaranty Association
Tennessee Insurance Guaranty Association, as directed by Tennessee statute, is dedicated to operating a Property and Casualty Self-Assessment Guaranty Fund. This mission involves assessing member companies and making payments for claims that arise from member insolvency, ensuring financial security for policyholders in the event of an insurance company's collapse. The association plays a crucial role in maintaining stability within the insurance industry, protecting policyholders and upholding the integrity of the insurance market in Tennessee.
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Impact
October, 2024
The Tennessee Insurance Guaranty Association (TIGA) plays a crucial role in ensuring financial stability and consumer protection within the state's insurance market. By operating a property and casualty self-assessment guaranty fund, it provides a safety net for policyholders in the event of an insurance company insolvency.
TIGA makes assessments on member companies, effectively redistributing resources to cover claims that arise from member insolvencies. This mechanism not only protects consumers by ensuring they can still access funds for their claims but also helps maintain confidence in the insurance system as a whole. By fulfilling its statutory obligations, TIGA helps prevent disruption in the insurance market and ensures that policyholders are not left without recourse when a participating insurance company fails.
Overall, the association significantly mitigates the financial risks associated with insurance company bankruptcy, promoting consumer trust and stability in Tennessee's property and casualty insurance landscape.
This information is meant to be a general summary of Tennessee 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: $2,652,129
- Program Service Revenue: $2,804,008
- Gross Receipts: $5,456,137
Assets and Liabilities:
- Total Assets: $163,937,561
- Total Liabilities: $66,947,606
- Net Assets: $96,989,955
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Claims Reimbursements
Revenue
$185,592
Liquidation Distributions
Revenue
$2,618,416
Organization Details
Founding Year
1973
Phone
(615) 242-6839Principal Officer
Lorrie Brouse
Main Address
3100 West End Avenue Suite 670, Nashville, TN, 37203
Website
www.tiga.netNTEE Category
Code: Y20 - Mutual benefit
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