Overview
What is Maine Insurance Guaranty Association?
The Maine Insurance Guaranty Association is a nonprofit entity situated in Boston, Massachusetts. Its primary mission is to safeguard policyholders and claimants who have been impacted by insolvent insurance companies, in adherence to the Maine state statute. This organization operates under Chapter 24-A Section 4433 of the Maine Insurance Laws, providing essential protection to those affected.
Official website here: www.gfms.org
Is Maine Insurance Guaranty Association legitimate?
Maine Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Maine 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.gfms.org
What is the mission statement of Maine Insurance Guaranty Association?
The Maine Insurance Guaranty Association is committed to safeguarding the interests of policyholders and claimants affected by insolvent insurance companies. In alignment with the Maine state statute, Chapter 24-A Section 4433 of the Maine Insurance Laws, the association provides necessary protection during such instances. By adhering to this mission, the organization ensures financial stability and peace of mind for policyholders and claimants facing the turbulence of insolvency. The association's operations are guided by the mandate to offer protection as per the stipulations outlined in the specified state statute.
Official website here: www.gfms.org
Who is the CEO of Maine Insurance Guaranty Association?
Barbara Petersen Law is the Principal Officer of Maine Insurance Guaranty Association.
Official website here: www.gfms.org
What is the revenue of Maine Insurance Guaranty Association?
Maine Insurance Guaranty Association's revenue in 2022 was $511,048.
Official website here: www.gfms.org
Who are the executives of Maine Insurance Guaranty Association and what are their salaries?
Here are 7 key members and their salaries:
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Official website here: www.gfms.org
Where can I find the form 990 for Maine Insurance Guaranty Association?
Maine Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.gfms.org
Learn more at the official website: www.gfms.org
Mission Statement of Maine Insurance Guaranty Association
The Maine Insurance Guaranty Association, in line with its mission, works diligently to safeguard the interests of policyholders and claimants whose insurance providers have faced insolvency. This is carried out in accordance with the provisions of Chapter 24-A Section 4433 of the Maine Insurance Laws. The association's primary role is to ensure that the financial obligations of these insolvent insurers are met, thereby providing a layer of security to their policyholders and claimants during challenging times. This mission is crucial in maintaining trust and stability within the insurance industry, thereby protecting the financial well-being of individuals and businesses in Maine.
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Impact
October, 2024
The Maine Insurance Guaranty Association plays a crucial role in enhancing the stability and reliability of the insurance market by protecting policyholders and claimants affected by insolvent insurers. Operating under Maine state statute, Chapter 24-A Section 4433, the Association ensures that individuals who have purchased insurance coverage are not left vulnerable in the event their insurance company fails.
By providing this safety net, the Association helps maintain public confidence in the insurance system, allowing policyholders to feel secure knowing that their claims will be honored even if their insurer cannot meet its obligations. This impact is significant, especially during economic downturns or industry shifts that may lead to insurer insolvencies. The Association’s efforts contribute to community improvement by safeguarding financial well-being and providing peace of mind to residents across Maine.
This information is meant to be a general summary of Maine 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: -$18,519
- Program Service Revenue: $529,567
- Gross Receipts: $17,060,128
Assets and Liabilities:
- Total Assets: $33,061,147
- Total Liabilities: $0
- Net Assets: $33,061,147
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Member Assessment
Revenue
$351,687
Recovery
Revenue
$171,877
Member Assessment Administrative
Revenue
$6,003
Organization Details
Founding Year
1970
Phone
(614) 227-7020Principal Officer
Barbara Petersen Law
Main Address
One Bowdoin Square Second Floor, Boston, MA, 021142916
Website
www.gfms.orgNTEE Category
Code: S40 - Community improvement
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