Overview
What is Montana Insurance Guaranty Association?
Montana Insurance Guaranty Association is a nonprofit organization headquartered in Denver, Colorado. Its primary mission is to efficiently manage and distribute funds to settle insurance claims when property and casualty insurers in Montana face insolvency. In 2022, they reviewed over 90 claim files and had 89 claims pending at year's end. Throughout the year, they issued over 1,900 checks to both claimants and providers to cover these claims. The association operates in accordance with Montana's guaranty act, collaborating closely with regulators and receivers to ensure the proper handling of funds.
Official website here: www.mtiga.org
Is Montana Insurance Guaranty Association legitimate?
Montana Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Montana 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.mtiga.org
What is the mission statement of Montana Insurance Guaranty Association?
The Montana Insurance Guaranty Association's mission is centered around efficiently handling covered claims of policyholders and claimants of insolvent property and casualty insurers. This is carried out in accordance with Montana's guaranty act, while working closely with regulators and receivers. The association is also responsible for managing its funds responsibly. In 2022, they reviewed over 90 claim files and had 89 claims pending at year's end. Throughout the year, they issued over 1,900 checks to claimants and providers.
Official website here: www.mtiga.org
Who is the CEO of Montana Insurance Guaranty Association?
Chad Anderson is the Board Chair of Montana Insurance Guaranty Association.
Official website here: www.mtiga.org
What is the revenue of Montana Insurance Guaranty Association?
Montana Insurance Guaranty Association's revenue in 2022 was $427,346.
Official website here: www.mtiga.org
Who are the executives of Montana Insurance Guaranty Association and what are their salaries?
Here are 7 key members and their salaries:
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Official website here: www.mtiga.org
Where can I find the form 990 for Montana Insurance Guaranty Association?
Montana Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mtiga.org
Learn more at the official website: www.mtiga.org
Mission Statement of Montana Insurance Guaranty Association
Montana Insurance Guaranty Association, as a responsible entity, is committed to efficiently settling insurance claims of policyholders and claimants whose insurers have become insolvent. Adhering to Montana's guaranty act, the association collaborates closely with regulators and receivers to ensure the timely and appropriate payment of these claims, all while meticulously managing its financial resources. The primary objective of Montana Insurance Guaranty Association is to provide a safety net for policyholders and claimants in challenging circumstances, ensuring that they receive the compensation they are entitled to. In 2022, the association reviewed over 90 claim files and issued over 1,900 checks to claimants and providers, demonstrating its dedication to fulfilling its mission in a responsible and efficient manner.
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Impact
October, 2024
The Montana Insurance Guaranty Association plays a vital role in providing financial security to policyholders and claimants affected by the insolvency of property and casualty insurers. By efficiently processing and paying covered claims, the association ensures that individuals and businesses receive the benefits they are entitled to, even in the face of an insurer's failure. In 2022 alone, the association reviewed over 90 claim files and managed to issue more than 1,900 checks to claimants and providers, highlighting its commitment to prompt financial support.
The impact of the association is particularly significant in maintaining public trust in the insurance system, as it acts as a safety net for those who have suffered financial losses due to insurer insolvencies. By collaborating with regulators and receivers, the Montana Insurance Guaranty Association not only upholds the provisions of Montana's guaranty act but also responsibly manages its funds to ensure its sustainability and effectiveness in serving the community. With 89 claims pending at the end of 2022, the association remains a crucial resource for individuals navigating the complexities of insurance claims, reinforcing the importance of stability within the insurance marketplace.
This information is meant to be a general summary of Montana 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: $150,944
- Program Service Revenue: $276,402
- Gross Receipts: $427,346
Assets and Liabilities:
- Total Assets: $15,086,577
- Total Liabilities: $0
- Net Assets: $15,086,577
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Claim Recoveries
Revenue
$276,402
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.mtiga.orgNTEE Category
Code: Y20 - Mutual benefit
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