Overview
What is Michigan Property And Casualty Guaranty Association?
The Michigan Property and Casualty Guaranty Association (MPCGA) is an unincorporated organization composed of all property and casualty insurers licensed to operate in Michigan. Established by Michigan law, MCL 500.7901 et seq., its primary objective is to protect the public from potential financial losses due to insolvency within the property and casualty insurance sector. When a member insurer encounters insolvency, MPCGA assumes the responsibility to pay certain obligations as per the act's definition of covered claims. This association does not manage claims related to life or disability insurance or annuity contracts. MPCGA, with a workforce of 11 employees, carries out its mission by reviewing, adjusting, and making payments of covered claims from insolvent property and casualty insurance companies in Michigan.
Official website here: www.mpcga.com
Is Michigan Property And Casualty Guaranty Association legitimate?
Michigan Property And Casualty Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Michigan Property And Casualty 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: $455,407
Professional Fundraising Fees: $0
Other Salaries and Wages: $798,454
For more financial information, click here
Official website here: www.mpcga.com
What is the mission statement of Michigan Property And Casualty Guaranty Association?
The Michigan Property and Casualty Guaranty Association (MPCGA) is an unincorporated organization comprised of all property and casualty insurers authorized to transact insurance business in Michigan. Established by the Michigan Legislature, its primary mission is to shield the public from potential financial losses due to insolvencies of property and casualty insurance companies. Upon insolvency of a member insurer, the MPCGA assumes the obligation to pay covered claims as defined by the act that established the association. Importantly, the MPCGA does not deal with claims arising from life or disability insurance or annuity contracts. In summary, the MPCGA acts as a safety net for Michigan residents, ensuring that covered claims are paid in the event of an insolvent property and casualty insurance company.
Official website here: www.mpcga.com
Who is the CEO of Michigan Property And Casualty Guaranty Association?
Jeffery Jenkins is the Chair of Michigan Property And Casualty Guaranty Association.
Official website here: www.mpcga.com
What is the revenue of Michigan Property And Casualty Guaranty Association?
Michigan Property And Casualty Guaranty Association's revenue in 2022 was $16,294,916.
Official website here: www.mpcga.com
Who are the executives of Michigan Property And Casualty Guaranty Association and what are their salaries?
The average compensation at Michigan Property And Casualty Guaranty Association during 2022 was $113,987. There are 11 employees at Michigan Property And Casualty Guaranty Association.
Here are 12 key members and their salaries:
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- Other: $0
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- Compensation: $213,342
- Related: $0
- Other: $36,629
- Compensation: $170,971
- Related: $0
- Other: $30,505
- Compensation: $127,044
- Related: $0
- Other: $29,405
- Compensation: $101,853
- Related: $0
- Other: $17,596
- Compensation: $112,951
- Related: $0
- Other: $28,887
Official website here: www.mpcga.com
Where can I find the form 990 for Michigan Property And Casualty Guaranty Association?
Michigan Property And Casualty Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mpcga.com
Learn more at the official website: www.mpcga.com
Mission Statement of Michigan Property And Casualty Guaranty Association
The Michigan Property and Casualty Guaranty Association (MPCGA) is an unincorporated association composed of all property and casualty insurers authorized to transact business in Michigan. Established by a legislative act, MCL 500.7901 et seq., the organization was created to shield the public from financial losses due to property and casualty insurance company insolvencies.
In the event of an insolvent member insurer, the MPCGA assumes the responsibility to pay certain obligations arising from covered claims, as defined by the act. It is important to note that MPCGA does not manage claims related to life or disability insurance or annuity contracts. The Michigan Property and Casualty Guaranty Association serves as a safety net for policyholders and claimants, ensuring they are protected against potential financial losses due to the insolvency of their insurance company.
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Impact
October, 2024
The Michigan Property and Casualty Guaranty Association (MPCGA) serves a crucial role in safeguarding policyholders and claimants from financial losses due to the insolvency of property and casualty insurance companies licensed in Michigan. Established by the Michigan Legislature, the MPCGA ensures that when a member insurer fails, it is responsible for reviewing, adjusting, and making payments for covered claims. This protection is vital for maintaining trust in the insurance system, as it provides a safety net for individuals and businesses who rely on insurance coverage to mitigate risks.
By fulfilling claims obligations when an insurer becomes insolvent, the MPCGA helps mitigate the economic impact on affected policyholders, allowing them to recover from losses without facing the uncertainty of unpaid claims. The association's operations specifically focus on property and casualty insurance, which includes vital coverages like auto, homeowners, and commercial liability insurance, thereby offering reassurance to the policyholders within these categories.
In essence, the MPCGA enhances the stability of the insurance market in Michigan by ensuring that the financial repercussions of insurer bankruptcies do not disproportionately affect consumers. This mechanism is instrumental in preserving public confidence in the property and casualty insurance system, ultimately contributing to the overall resilience of the insurance landscape in the state.
This information is meant to be a general summary of Michigan Property And Casualty 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: $4,951,708
- Program Service Revenue: $11,343,208
- Gross Receipts: $100,119,195
Assets and Liabilities:
- Total Assets: $123,183,615
- Total Liabilities: $44,208,464
- Net Assets: $78,975,151
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INDEMNIFICATION RECEIPTS
Revenue
$5,359,166
LOSS ADJUSTMENTS
Revenue
$4,440,731
LIQUIDATION RECOVERIES
Revenue
$1,245,092
SUBROGATION RECEIPTS
Revenue
$298,219
Organization Details
Founding Year
1969
Phone
(248) 482-0381Principal Officer
Jeffery Jenkins
Main Address
39810 GRAND RIVER AVENUE 120, NOVI, MI, 483752139
Website
www.mpcga.comNTEE Category
Code: Y20 - Mutual benefit
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