Overview
What is Massachusetts Insurers Insolvency Fund?
The Massachusetts Insurers Insolvency Fund is a nonprofit organization situated in Boston, Massachusetts. Its primary mission is to safeguard policyholders and claimants of insolvent insurance companies, as mandated by the Massachusetts state statute, Chapter 1 75D, G. L. Mass., which was enacted as Chapter 261, Laws 1970. The Association fulfills this role in accordance with the Massachusetts state legislation, providing necessary protection to those affected by insolvent insurers.
Official website here: www.gfms.org
Is Massachusetts Insurers Insolvency Fund legitimate?
Massachusetts Insurers Insolvency Fund is a legitimate nonprofit organization registered as a 501(c)(6) entity. Massachusetts Insurers Insolvency Fund 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 Massachusetts Insurers Insolvency Fund?
The Massachusetts Insurers Insolvency Fund's mission is centered around safeguarding the interests of policyholders and claimants in situations where their insurance providers have become insolvent. This is done in adherence to the Massachusetts state statute, specifically Chapter 175D, G. L. Mass., which was enacted as Chapter 261, Laws 1970. The primary objective of the fund is to ensure that these individuals continue to receive the financial protection they are entitled to, even when their original insurance companies fail to fulfill their obligations.
Official website here: www.gfms.org
What is the revenue of Massachusetts Insurers Insolvency Fund?
Massachusetts Insurers Insolvency Fund's revenue in 2023 was $4,088,951.
Official website here: www.gfms.org
Who are the executives of Massachusetts Insurers Insolvency Fund and what are their salaries?
Here are 8 key members and their salaries:
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Official website here: www.gfms.org
Where can I find the form 990 for Massachusetts Insurers Insolvency Fund?
Massachusetts Insurers Insolvency Fund's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.gfms.org
Learn more at the official website: www.gfms.org
Mission Statement of Massachusetts Insurers Insolvency Fund
The Massachusetts Insurers Insolvency Fund, as a nonprofit organization, is dedicated to fulfilling its mission of safeguarding the interests of policyholders and claimants whose insurers have faced financial instability. This mission aligns with the Massachusetts state statute, Chapter 175D, G. L. Mass., which was enacted as Chapter 261, Laws 1970. In essence, the Massachusetts Insurers Insolvency Fund serves as a protective shield, ensuring that policyholders and claimants are not left unprotected in the event of their insurers' insolvency, thereby upholding the principles of financial security and consumer protection.
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Impact
October, 2024
The Massachusetts Insurers Insolvency Fund plays a crucial role in safeguarding policyholders and claimants from the financial repercussions associated with insolvent insurers. By providing protection as mandated by Massachusetts state statute Chapter 175D, the Fund ensures that individuals and businesses remain shielded from the loss of coverage and claims, even when their insurance providers face insolvency. Established through legislation in 1970, the Fund reinforces consumer confidence in the insurance market, ensuring that policyholders can recover benefits and support during challenging times. This protective mechanism not only fosters stability within the insurance landscape but also upholds the integrity of the state's regulatory framework, making it an essential component in the ecosystem of insurance in Massachusetts.
This information is meant to be a general summary of Massachusetts Insurers Insolvency Fund. 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 2023.
- Investment Income: $5,936,649
- Program Service Revenue: $2,149,405
- Gross Receipts: $139,177,064
Assets and Liabilities:
- Total Assets: $210,593,946
- Total Liabilities: $0
- Net Assets: $210,593,946
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Recovery
Revenue
$2,039,041
Member Assessment Administrative
Revenue
$110,364
Organization Details
Founding Year
1973
Principal Officer
Barbara Petersen Law
Website
www.gfms.orgNTEE Category
Code: Y20 - Mutual benefit
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