Overview
What is Insurance Security Fund?
The Insurance Security Fund, based in Madison, Wisconsin, is a nonprofit organization with a mission to uphold public trust in insurance providers. It achieves this objective through a single program, which safeguards policyholders from financial losses in the event of an insurer's liquidation. The fund operates under the guidelines set by Wisconsin State Statutes, ensuring the continuation of insurance coverage as specified. With a team of six dedicated individuals, the Insurance Security Fund plays a crucial role in maintaining the integrity of the insurance industry in Wisconsin.
Official website here: www.wilifega.org
Is Insurance Security Fund legitimate?
Insurance Security Fund is a legitimate nonprofit organization registered as a 501(c)(6) entity. Insurance Security 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $330,944
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.wilifega.org
What is the mission statement of Insurance Security Fund?
The Insurance Security Fund, as a mission, aims to uphold public trust in insurance providers by establishing a mechanism. This mechanism safeguards policyholders from potential losses in the event of an insurer's liquidation. Furthermore, the fund ensures the continuation of insurance coverage for policyholders, in accordance with the Wisconsin State Statutes. The Insurance Security Fund has successfully fulfilled its mission by processing claims for policyholders and continuing to provide protection as per the specified statutes.
Official website here: www.wilifega.org
Who is the CEO of Insurance Security Fund?
Allan Patek is the Executive Director of Insurance Security Fund.
Official website here: www.wilifega.org
What is the revenue of Insurance Security Fund?
Insurance Security Fund's revenue in 2022 was $11,161,713.
Official website here: www.wilifega.org
Who are the executives of Insurance Security Fund and what are their salaries?
The average compensation at Insurance Security Fund during 2022 was $55,157. There are 6 employees at Insurance Security Fund.
Here are 16 key members and their salaries:
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Official website here: www.wilifega.org
Where can I find the form 990 for Insurance Security Fund?
Insurance Security Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.wilifega.org
Learn more at the official website: www.wilifega.org
Mission Statement of Insurance Security Fund
The Insurance Security Fund, a crucial organization, is dedicated to upholding public trust in insurance providers' commitments. It achieves this mission through a single program, designed to offer a safeguard for policyholders. In the event of an insurer's liquidation, the Fund provides a protective mechanism, ensuring that insureds do not suffer undue financial losses. Furthermore, the Fund continues to offer protection under insurance policies as mandated by Wisconsin State Statutes. By fulfilling its mission, the Insurance Security Fund plays a vital role in maintaining the integrity of the insurance industry and safeguarding policyholders' interests.
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Impact
October, 2024
The Insurance Security Fund plays a crucial role in maintaining public confidence in the insurance industry by providing a safety net for policyholders. Its primary mission is to protect insured individuals from financial loss in the event of an insurer's liquidation. This mechanism ensures that claims can be paid out, thus safeguarding the interests of policyholders and ensuring they receive the benefits promised by their insurance contracts.
By fulfilling its mission, the Insurance Security Fund not only helps individuals recover from unexpected losses but also fosters trust in the overall insurance system. The Fund operates under Wisconsin State Statutes, which outline the specific protections it offers, reinforcing the reliability of insurance as a financial safety net for residents. This assurance contributes to the stability and integrity of the insurance market, ultimately benefiting both consumers and the broader community.
This information is meant to be a general summary of Insurance Security 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 2022.
- Investment Income: $309,638
- Program Service Revenue: $10,852,075
- Gross Receipts: $11,161,713
Assets and Liabilities:
- Total Assets: $37,173,342
- Total Liabilities: $0
- Net Assets: $37,173,342
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Liquidation Distributions
Revenue
$347,759
Premium
Revenue
$504,550
Administrative Assessment
Revenue
$9,999,766
Organization Details
Founding Year
1969
Phone
(608) 242-9473Principal Officer
Allan Patek
Main Address
2820 Walton Commons Lane APT 135, Madison, WI, 53718
Website
www.wilifega.orgNTEE Category
Code: Y20 - Mutual benefit
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