Overview
What is North Carolina Insurance Guaranty Associ?
The North Carolina Insurance Guaranty Associ is a nonprofit organization established to ensure the payment of covered claims under certain insurance policies, avoiding excessive delays and financial losses for policyholders in the event of an insurer's insolvency. It also works towards detecting and preventing insurer insolvencies, providing an association for assessing the potential loss of protection among insurers. The organization receives funds from the North Carolina Department of Insurance following insolvency declarations and from the insolvent company's liquidator. Its claims staff reviews and processes unpaid claims and unearned premiums, making payments as required. As of the end of 2022, there were 42 insolvencies with a total of 332 open claims, and 7,603 claims have been closed. The total expenses for claim and premium refund amounted to $15,708,339.
Official website here: www.ncrb.org/nciga
Is North Carolina Insurance Guaranty Associ legitimate?
North Carolina Insurance Guaranty Associ is a legitimate nonprofit organization registered as a 501(c)(6) entity. North Carolina Insurance Guaranty Associ 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:
Executive Compensation: $228,893
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,708,797
For more financial information, click here
Official website here: www.ncrb.org/nciga
What is the mission statement of North Carolina Insurance Guaranty Associ?
The North Carolina Insurance Guaranty Association serves as a safety net for policyholders in the event of an insurer's insolvency. Its mission is to facilitate the payment of covered claims under certain insurance policies, preventing excessive payment delays and shielding claimants from financial losses. The Association also plays a crucial role in detecting and preventing insurer insolvencies, and provides a platform for assessing the loss of such protection among insurers. In essence, the North Carolina Insurance Guaranty Association safeguards the financial security of policyholders by ensuring the continuity of insurance coverage during times of insurer instability.
Official website here: www.ncrb.org/nciga
Who is the CEO of North Carolina Insurance Guaranty Associ?
Edith Davis is the Chief Financial Officer of North Carolina Insurance Guaranty Associ.
Official website here: www.ncrb.org/nciga
What is the revenue of North Carolina Insurance Guaranty Associ?
North Carolina Insurance Guaranty Associ's revenue in 2022 was $25,291,670.
Official website here: www.ncrb.org/nciga
Who are the executives of North Carolina Insurance Guaranty Associ and what are their salaries?
The average compensation at North Carolina Insurance Guaranty Associ during 2022 was $215,299. There are 9 employees and 7 volunteers at North Carolina Insurance Guaranty Associ.
Here are 14 key members and their salaries:
- Compensation: $0
- Related: $256,280
- Other: $103,831
- Compensation: $0
- Related: $252,760
- Other: $92,510
- Compensation: $213,117
- Related: $0
- Other: $106,952
- Compensation: $0
- Related: $226,472
- Other: $27,545
- Compensation: $130,694
- Related: $0
- Other: $50,155
- Compensation: $114,497
- Related: $0
- Other: $56,968
- Compensation: $105,977
- Related: $0
- Other: $15,428
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.ncrb.org/nciga
Where can I find the form 990 for North Carolina Insurance Guaranty Associ?
North Carolina Insurance Guaranty Associ's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ncrb.org/nciga
Learn more at the official website: www.ncrb.org/nciga
Mission Statement of North Carolina Insurance Guaranty Associ
The North Carolina Insurance Guaranty Associations's mission revolves around providing a safety net for policyholders in the event of insurer insolvencies. This essential organization ensures the payment of covered claims under certain insurance policies, thereby safeguarding claimants from excessive delays and financial losses. By doing so, it plays a pivotal role in maintaining trust and confidence in the insurance industry.
The North Carolina Insurance Guaranty Association is more than just an insurance backup plan. Its primary objective is to prevent excessive delays in claim payouts by swiftly stepping in when an insurer faces insolvency. This proactive approach not only protects claimants from financial hardships but also helps maintain a stable insurance market.
Furthermore, the association works diligently to detect and prevent insurer insolvencies, thereby minimizing the risk of loss of protection among insurers. Its mission extends beyond just providing a financial cushion; it aims to foster transparency and trust within the insurance sector. By assessing the loss of such protection among insurers, the North Carolina Insurance Guaranty Association plays a crucial role in promoting financial stability and reliability within the industry.
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Impact
October, 2024
The North Carolina Insurance Guaranty Association plays a critical role in protecting policyholders and claimants from the financial repercussions of insurer insolvencies. By providing a mechanism for the payment of covered claims under certain insurance policies, it ensures that individuals and businesses are not left in financial distress due to the inability of an insurance company to meet its obligations.
When an insurance company is declared insolvent by a court, the Guaranty Association acts promptly to manage the claims process. It utilizes security deposits made by licensed insurance companies and proceeds from the insolvent company's liquidator to cover unpaid claims and unearned premiums. This system is designed to minimize delays in payment, thereby offering a safety net for policyholders who rely on insurance to protect them from unforeseen events.
In practical terms, the Association has successfully managed numerous claims over the years. As of the end of 2022, it had addressed 42 insolvencies and closed 7,603 claims, demonstrating its effectiveness in fulfilling its mission. The total claims and premium refund expenses amounted to over $15 million, underscoring the financial impact of its operations on the stability of the insurance market in North Carolina.
Moreover, the Guaranty Association plays a proactive role by assisting in the detection and prevention of insurer insolvencies, ultimately contributing to the overall health of the insurance sector. Its work helps ensure that policyholders have continued access to the protection they need, fostering trust in the insurance system within the state.
This information is meant to be a general summary of North Carolina Insurance Guaranty Associ. 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: $2,659,484
- Program Service Revenue: $22,632,186
- Gross Receipts: $43,829,571
Assets and Liabilities:
- Total Assets: $116,615,303
- Total Liabilities: $0
- Net Assets: $116,615,303
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DUES AND ASSESSMENTS
Revenue
$21,112,221
INSOLVENT COMPANY LIQUIDATION
Revenue
$1,519,965
Organization Details
Founding Year
1971
Phone
(919) 783-9790Principal Officer
Edith Davis
Main Address
2910 SUMNER BLVD, RALEIGH, NC, 27616
Website
www.ncrb.org/ncigaNTEE Category
Code: Y20 - Mutual benefit
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