Overview
What is Colorado Insurance Guaranty Assn?
Colorado Insurance Guaranty Association is a nonprofit organization situated in Denver, Colorado. Its primary mission is to ensure the efficient payment of covered claims for policyholders and claimants of insolvent property and casualty insurers, adhering to Colorado's guaranty act. This is achieved in collaboration with regulatory bodies and receivers. In 2022, the association reviewed over 155 claim files and issued over 2,300 checks to claimants and providers. The organization manages the association's funds responsibly while maintaining a significant number of pending claims at year's end.
Official website here: www.coiga.org
Is Colorado Insurance Guaranty Assn legitimate?
Colorado Insurance Guaranty Assn is a legitimate nonprofit organization registered as a 501(c)(6) entity. Colorado Insurance Guaranty Assn 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.coiga.org
What is the mission statement of Colorado Insurance Guaranty Assn?
The Colorado Insurance Guaranty Association's mission is centered around efficiently handling the claims of policyholders and claimants from insolvent property and casualty insurers, in accordance with Colorado's guaranty act. They work in collaboration with regulators and receivers to carry out this task, while also being responsible in managing the association's funds. The primary objective is to ensure that covered claims are paid promptly, as per the guidelines set by the guaranty act. In the year 2022, they reviewed over 155 claim files and issued over 2,300 checks to claimants and providers.
Official website here: www.coiga.org
Who is the CEO of Colorado Insurance Guaranty Assn?
Chad Anderson is the Board Chair of Colorado Insurance Guaranty Assn.
Official website here: www.coiga.org
What is the revenue of Colorado Insurance Guaranty Assn?
Colorado Insurance Guaranty Assn's revenue in 2022 was $660,985.
Official website here: www.coiga.org
Who are the executives of Colorado Insurance Guaranty Assn and what are their salaries?
Here are 7 key members and their salaries:
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Official website here: www.coiga.org
Where can I find the form 990 for Colorado Insurance Guaranty Assn?
Colorado Insurance Guaranty Assn's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.coiga.org
Learn more at the official website: www.coiga.org
Mission Statement of Colorado Insurance Guaranty Assn
Colorado Insurance Guaranty Association, a vital organization, is committed to carrying out its mission efficiently. This mission involves paying covered claims of policyholders and claimants of insolvent property and casualty insurers, adhering to Colorado's guaranty act. The association collaborates closely with regulators and receivers in this process, ensuring a responsible management of the association's funds. In 2022, the organization reviewed over 155 claim files and issued over 2,300 checks to claimants and providers, demonstrating its dedication to fulfilling its mission.
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Impact
October, 2024
The Colorado Insurance Guaranty Association plays a crucial role in safeguarding the interests of policyholders and claimants affected by insolvent property and casualty insurers. By efficiently processing and paying covered claims, the association helps mitigate the financial fallout for individuals and businesses when an insurer fails. In 2022, the association reviewed over 155 claim files, indicating its active involvement in managing and resolving claims. Additionally, it issued over 2,300 checks to claimants and providers, demonstrating its commitment to delivering timely financial support. With 110 claims still pending by year-end, the association continues to work diligently, often in collaboration with regulators and receivers, to ensure that those affected by insurer insolvency receive the compensation they are entitled to. This approach not only upholds the integrity of the insurance system but also fosters trust among policyholders, knowing there is a safety net in place to protect their interests.
This information is meant to be a general summary of Colorado Insurance Guaranty Assn. 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: $399,237
- Program Service Revenue: $261,748
- Gross Receipts: $660,985
Assets and Liabilities:
- Total Assets: $86,758,980
- Total Liabilities: $0
- Net Assets: $86,758,980
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Claim Recoveries
Revenue
$261,748
Organization Details
Founding Year
1971
Phone
(303) 759-5066Principal Officer
Chad Anderson
Main Address
1873 So Bellaire St Ste 920, Denver, CO, 80222
Website
www.coiga.orgNTEE Category
Code: Y20 - Mutual benefit
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