Overview
What is Alaska Insurance Guaranty Association?
The Alaska Insurance Guaranty Association is a nonprofit organization that serves to ensure timely payment of covered claims under specific insurance policies. By preventing excessive delays in payments, they provide a crucial safety net for policyholders. In cases of insolvent insurance companies, the association steps in to settle claims on behalf of policyholders, reversing any necessary assessments. Furthermore, the Alaska Insurance Guaranty Association is responsible for managing claims, altering claims reserves, and making necessary adjustments, ensuring a smooth and fair process for all parties involved.
Is Alaska Insurance Guaranty Association legitimate?
Alaska Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Alaska 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:
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What is the mission statement of Alaska Insurance Guaranty Association?
The Alaska Insurance Guaranty Association serves a crucial role in the insurance sector. Its primary mission is to ensure prompt payment of covered claims under specific insurance policies, preventing undue delays. In the event of an insolvent insurance company, the association steps in to pay claims to the policyholders. Moreover, it reverses assessments and manages claims-related aspects such as paid claims, changes in claims reserves, and claims adjustments. The association's primary objective is to maintain financial stability and provide assistance during challenging times within the insurance industry.
Who is the CEO of Alaska Insurance Guaranty Association?
Stacey Matteson is the Chair - Umialik Insurance of Alaska Insurance Guaranty Association.
What is the revenue of Alaska Insurance Guaranty Association?
Alaska Insurance Guaranty Association's revenue in 2022 was $845,744.
Who are the executives of Alaska Insurance Guaranty Association and what are their salaries?
There 9 volunteers at Alaska Insurance Guaranty Association.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Alaska Insurance Guaranty Association?
Alaska Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Alaska Insurance Guaranty Association
The Alaska Insurance Guaranty Association serves a vital role in ensuring timely claim payments under certain insurance policies. In the event of an insolvent insurance company, this organization steps in to pay claims to policyholders, thus preventing undue delays. Furthermore, the Alaska Insurance Guaranty Association is responsible for reversing assessments and managing claims paid, changes in claims reserves, and claims adjustments. This nonprofit organization's mission aims to provide financial stability and security to policyholders, ensuring they receive the compensation they are entitled to, even when their insurance company is no longer operational.
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Impact
October, 2024
The Alaska Insurance Guaranty Association plays a crucial role in ensuring that policyholders receive timely payments for covered claims, particularly in cases where insurance companies become insolvent. By providing a structured mechanism for claim payments, the Association helps to minimize delays that could otherwise create financial hardship for individuals and businesses relying on their insurance coverage.
When an insurance company fails, the Association steps in to cover claims, thereby protecting policyholders from the financial repercussions of an insurer’s inability to fulfill its obligations. This not only provides peace of mind for policyholders but also fosters stability within the insurance market by maintaining trust in the insurance system. The organization also manages various aspects of claims processing, including claims paid, changes in claims reserves, and adjustments, ensuring an efficient and orderly handling of these situations.
Through these functions, the Alaska Insurance Guaranty Association contributes significantly to the overall health of the insurance industry within the state, promoting mutual benefit and confidence among policyholders and insurers alike.
This information is meant to be a general summary of Alaska 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: $812,733
- Program Service Revenue: $200
- Gross Receipts: $845,744
Assets and Liabilities:
- Total Assets: $38,418,208
- Total Liabilities: $17,828,740
- Net Assets: $20,589,468
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$200
Organization Details
Founding Year
1970
Phone
(907) 338-7484Principal Officer
Stacey Matteson
Main Address
1401 RUDAKOF CIRCLE, ANCHORAGE, AK, 99508
NTEE Category
Code: Y20 - Mutual benefit
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