Overview
What is Hawaii Insurance Guaranty Associati?
Hawaii Insurance Guaranty Association is a nonprofit organization established to safeguard policyholders and claimants from financial losses due to insurer insolvency. Based in Honolulu, Hawaii, the association operates under the Hawaii Insurance Guaranty Association Act. Its primary mission is to ensure timely payment of covered claims under certain insurance policies, thereby preventing financial losses. The organization also plays a crucial role in detecting and preventing insurer insolvencies, and assessing the cost of such protection among insurers. With a workforce of three individuals, Hawaii Insurance Guaranty Association serves as a vital mechanism for maintaining financial stability in the insurance sector.
Is Hawaii Insurance Guaranty Associati legitimate?
Hawaii Insurance Guaranty Associati is a legitimate nonprofit organization registered as a 501(c)(6) entity. Hawaii Insurance Guaranty Associati 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: $132,780
Professional Fundraising Fees: $0
Other Salaries and Wages: $159,908
For more financial information, click here
What is the mission statement of Hawaii Insurance Guaranty Associati?
Hawaii Insurance Guaranty Associati was established under the Hawaii Insurance Guaranty Association Act to ensure timely payment of covered claims under certain insurance policies. The association's primary purpose is to minimize financial loss to claimants due to insurer insolvency. It acts as a mechanism to pay out covered claims promptly, thereby shielding claimants and policyholders from financial hardship resulting from an insurer's bankruptcy. The association also works towards detecting and preventing insurer insolvencies and assesses the cost of such protection among insurers.
Who is the CEO of Hawaii Insurance Guaranty Associati?
Blake Obata is the Chairperson of Hawaii Insurance Guaranty Associati.
What is the revenue of Hawaii Insurance Guaranty Associati?
Hawaii Insurance Guaranty Associati's revenue in 2022 was $446,675.
Who are the executives of Hawaii Insurance Guaranty Associati and what are their salaries?
The average compensation at Hawaii Insurance Guaranty Associati during 2022 was $97,563. There are 3 employees and 9 volunteers at Hawaii Insurance Guaranty Associati.
Here are 10 key members and their salaries:
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- Compensation: $132,780
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- Other: $24,787
Where can I find the form 990 for Hawaii Insurance Guaranty Associati?
Hawaii Insurance Guaranty Associati's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Hawaii Insurance Guaranty Associati
Hawaii Insurance Guaranty Associati was established with a mission to ensure the prompt payment of covered claims under certain insurance policies. This nonprofit organization was created under the Hawaii Insurance Guaranty Association Act, specifically under Article 16, Chapter 431 of the Hawaii Revised Statutes. Its primary objective is to minimize financial loss to claimants or policyholders due to the insolvency of an insurer.
In simpler terms, Hawaii Insurance Guaranty Associati serves as a safeguard for policyholders and claimants in the event of an insurer's financial collapse. By acting as a mechanism for the timely payment of covered claims under specific insurance policies, this nonprofit association aims to prevent significant financial losses. Moreover, Hawaii Insurance Guaranty Associati also plays a role in the detection and prevention of insurer insolvencies, thereby contributing to the overall stability of the insurance industry. Additionally, the association assesses the cost of such protection among insurers, ensuring a fair distribution of the burden.
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Impact
October, 2024
Hawaii Insurance Guaranty Association plays a crucial role in safeguarding policyholders and claimants from financial loss due to the insolvency of insurance companies. Established through the Hawaii Insurance Guaranty Association Act, the organization ensures the timely payment of covered claims under certain insurance policies. This mechanism not only mitigates the financial impact on individuals and businesses in the event of an insurer's failure but also aids in the detection and prevention of such insolvencies.
By acting as a financial backstop, the association enhances the stability of the insurance market in Hawaii, fostering confidence among policyholders. It also distributes the costs of this protection among insurers, promoting a collective responsibility within the industry to maintain solvency and ensure that claims are honored. Ultimately, the Hawaii Insurance Guaranty Association serves a vital function in maintaining the integrity and reliability of the insurance system, benefiting both policyholders and the overall economy.
This information is meant to be a general summary of Hawaii Insurance Guaranty Associati. 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: $42,263
- Program Service Revenue: $403,660
- Gross Receipts: $446,675
Assets and Liabilities:
- Total Assets: $15,579,884
- Total Liabilities: $0
- Net Assets: $15,579,884
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RECOVERIES, SALVAGE AND SUBRO
Revenue
$260,211
ADVANCES FROM LIQUIDATORS
Revenue
$143,449
Organization Details
Founding Year
1984
Phone
(808) 528-1222Principal Officer
Blake Obata
Main Address
PO BOX 4660, HONOLULU, HI, 968124660
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