Overview
What is Idaho Insurance Guaranty Association?
The Idaho Insurance Guaranty Association is a nonprofit organization based in Denver, Colorado. Its primary mission is to efficiently settle covered insurance claims for policyholders and claimants of insolvent property and casualty insurers, as stipulated by the Idaho Insurance Guaranty Association Act. This is accomplished in collaboration with regulatory bodies and receivers, while maintaining financial responsibility. In 2022, the association reviewed over 40 claim files and had 39 claims pending at year's end. During the same year, over 1,100 checks were distributed to claimants and providers. The association's operations aim to ensure financial security and timely resolution for policyholders and claimants in the event of insolvency.
Official website here: www.idiga.org
Is Idaho Insurance Guaranty Association legitimate?
Idaho Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Idaho 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.
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Official website here: www.idiga.org
What is the mission statement of Idaho Insurance Guaranty Association?
The Idaho Insurance Guaranty Association's mission is focused on efficiently handling and settling insurance claims for policyholders and claimants of insolvent property and casualty insurers. They operate in accordance with the Idaho Insurance Guaranty Association Act, collaborating with regulators and receivers. The association is also responsible for managing its funds responsibly. In 2022, they reviewed numerous claim files and issued over 1,100 checks to claimants and providers. Their primary goal is to ensure the timely payment of covered claims while maintaining financial prudence.
Official website here: www.idiga.org
Who is the CEO of Idaho Insurance Guaranty Association?
Chad Anderson is the Board Chair of Idaho Insurance Guaranty Association.
Official website here: www.idiga.org
What is the revenue of Idaho Insurance Guaranty Association?
Idaho Insurance Guaranty Association's revenue in 2022 was $2,173,995.
Official website here: www.idiga.org
Who are the executives of Idaho Insurance Guaranty Association and what are their salaries?
Here are 8 key members and their salaries:
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Official website here: www.idiga.org
Where can I find the form 990 for Idaho Insurance Guaranty Association?
Idaho Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.idiga.org
Learn more at the official website: www.idiga.org
Mission Statement of Idaho Insurance Guaranty Association
The Idaho Insurance Guaranty Association, a crucial entity, is dedicated to efficiently managing and responsibly distributing funds to pay covered claims of policyholders and claimants of insolvent property and casualty insurers. This is carried out in accordance with the Idaho Insurance Guaranty Association Act, with close cooperation with regulators and receivers. The association's primary goal is to ensure that claimants receive their due compensation during times when their original insurance providers face insolvency. In 2022, the Idaho Insurance Guaranty Association reviewed numerous claim files and issued over 1,100 checks to both claimants and providers, demonstrating its commitment to fulfilling its mission.
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Impact
October, 2024
The Idaho Insurance Guaranty Association plays a crucial role in ensuring financial protection for policyholders and claimants when property and casualty insurers become insolvent. In 2022, the association reviewed over 40 claim files, highlighting its proactive approach to managing claims and providing support to those affected by insolvency. With 39 claims still pending at the end of the year, the organization demonstrates its commitment to addressing outstanding issues and ensuring that claimants receive the benefits owed to them.
During the same period, the association issued more than 1,100 checks to claimants and providers, reflecting its efficiency in disbursing funds and meeting the needs of the community. By cooperating with regulators and receivers, the Idaho Insurance Guaranty Association helps maintain stability in the insurance market, fostering trust and confidence among policyholders in the system's integrity. This mechanism not only aids individuals in distress but also contributes to overall community improvement by providing a safety net in times of financial uncertainty.
This information is meant to be a general summary of Idaho 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: $41,703
- Program Service Revenue: $2,132,292
- Gross Receipts: $2,173,995
Assets and Liabilities:
- Total Assets: $5,873,176
- Total Liabilities: $0
- Net Assets: $5,873,176
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Member Assessments
Revenue
$2,123,771
Claim Recoveries
Revenue
$8,521
Organization Details
Founding Year
1970
Phone
(303) 759-5066Principal Officer
Chad Anderson
Main Address
1873 South Bellaire Street Ste 920, Denver, CO, 80222
Website
www.idiga.orgNTEE Category
Code: S40 - Community improvement
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