Overview
What is Delaware Insurance Guaranty Association?
The Delaware Insurance Guaranty Association is a nonprofit organization situated in Newark, Delaware. Their primary mission, as outlined in Chapter 42 of the Delaware Insurance Code, is to safeguard claimants or policyholders from financial loss caused by the insolvency of insurance companies. This is achieved by ensuring the payment of covered claims under certain property and casualty insurance policies. Essentially, they step in to fulfill policy obligations when an insurance company becomes financially unstable.
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Is Delaware Insurance Guaranty Association legitimate?
Delaware Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Delaware 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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Other Salaries and Wages: $315,649
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Official website here: www.none
What is the mission statement of Delaware Insurance Guaranty Association?
The Delaware Insurance Guaranty Association, as outlined in its mission, is primarily focused on providing financial assistance to policyholders or claimants of insolvent insurance companies, in adherence to Chapter 42 of the Delaware Insurance Code. This association ensures the payment of covered claims under certain property and casualty insurance policies, thereby preventing potential financial losses for claimants or policyholders due to the insolvency of the insured. The primary objective is to safeguard the interests of these individuals, maintaining financial stability in the insurance sector.
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What is the revenue of Delaware Insurance Guaranty Association?
Delaware Insurance Guaranty Association's revenue in 2023 was $710,629.
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Who are the executives of Delaware Insurance Guaranty Association and what are their salaries?
There 9 volunteers at Delaware Insurance Guaranty Association.
Here are 10 key members and their salaries:
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- Compensation: $212,368
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- Other: $43,948
Official website here: www.none
Learn more at the official website: www.none
Mission Statement of Delaware Insurance Guaranty Association
The Delaware Insurance Guaranty Association, as per its mission, is committed to providing financial support to policyholders or claimants of insolvent insurance companies, in accordance with Chapter 42 of the Delaware Insurance Code. This organization's primary role is to ensure that covered claims under certain property and casualty insurance policies are paid out, thereby preventing financial loss to claimants or policyholders due to the insolvency of the insured company. This process is carried out in adherence to the guidelines set out in Chapter 42 of the Delaware Insurance Code. The Delaware Insurance Guaranty Association plays a crucial role in maintaining financial security for insurance policyholders, even in the event of an insolvency, thereby upholding the integrity of the insurance industry.
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Impact
October, 2024
The Delaware Insurance Guaranty Association plays a crucial role in safeguarding policyholders and claimants from the financial repercussions of insurance company insolvency. By ensuring the payment of covered claims under specific property and casualty insurance policies, it helps mitigate the risks that individuals and businesses face when their insurance carrier fails. This stability fosters confidence in the insurance market, encouraging policyholders to secure coverage without the fear of financial loss due to an insurer's insolvency. Ultimately, the association's functions are vital in maintaining trust in the insurance system, supporting both economic stability and consumer protection within the state.
This information is meant to be a general summary of Delaware 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 2023.
- Investment Income: $437,834
- Program Service Revenue: $5,775
- Gross Receipts: $710,629
Assets and Liabilities:
- Total Assets: $27,933,767
- Total Liabilities: $20,762,717
- Net Assets: $7,171,050
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBERSHIP ASSESSMENTS
Revenue
$5,775
Organization Details
Founding Year
1970
Principal Officer
Barry Miller
Website
www.noneNTEE Category
Code: Y20 - Mutual benefit
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