Overview
What is Ohio Insurance Guaranty Association?
The Ohio Insurance Guaranty Association is a nonprofit organization established under Ohio's Insurance Guaranty Association act. Its primary mission is to offer a level of protection for policyholders and claimants in the event of an insurance company's insolvency, specifically for those companies licensed to sell certain types of policies in Ohio. This unincorporated association is composed of all insurers licensed to sell these policies within the state, ensuring that policyholders and claimants are safeguarded even when their insurance company faces financial instability.
Official website here: www.ohioga.org
Is Ohio Insurance Guaranty Association legitimate?
Ohio Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Ohio 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:
Executive Compensation: $85,985
Professional Fundraising Fees: $0
Other Salaries and Wages: $210,590
For more financial information, click here
Official website here: www.ohioga.org
What is the mission statement of Ohio Insurance Guaranty Association?
The Ohio Insurance Guaranty Association serves a crucial role in safeguarding certain policyholders and claimants. In the event of an insurance company's insolvency, this association provides a level of protection. Established as an unincorporated non-profit association under Ohio's Insurance Guaranty Association act, it comprises all insurers licensed to sell specific types of policies in the state of Ohio. Its mission is to offer a safety net for policyholders and claimants, ensuring continuity of coverage and benefits during challenging financial situations.
Official website here: www.ohioga.org
Who is the CEO of Ohio Insurance Guaranty Association?
Sonni Peterson is the Director of Ohio Insurance Guaranty Association.
Official website here: www.ohioga.org
What is the revenue of Ohio Insurance Guaranty Association?
Ohio Insurance Guaranty Association's revenue in 2022 was $380,341.
Official website here: www.ohioga.org
Who are the executives of Ohio Insurance Guaranty Association and what are their salaries?
The average compensation at Ohio Insurance Guaranty Association during 2022 was $42,368. There are 7 employees at Ohio Insurance Guaranty Association.
Here are 9 key members and their salaries:
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- Compensation: $233,097
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- Other: $24,858
Official website here: www.ohioga.org
Where can I find the form 990 for Ohio Insurance Guaranty Association?
Ohio Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ohioga.org
Learn more at the official website: www.ohioga.org
Mission Statement of Ohio Insurance Guaranty Association
The Ohio Insurance Guaranty Association, established as an unincorporated non-profit association, is dedicated to providing a level of protection for specific policyholders and claimants. This organization operates under Ohio's Insurance Guaranty Association act, encompassing all insurers licensed to sell certain types of policies within the state. In the event of an insurance company's insolvency, the Ohio Insurance Guaranty Association steps in to ensure that policyholders and claimants receive some form of coverage. This association serves as a safeguard, ensuring financial stability and security for the policyholders and claimants in such challenging circumstances.
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Impact
October, 2024
The Ohio Insurance Guaranty Association plays a critical role in safeguarding policyholders and claimants against the financial fallout from the insolvency of insurance companies licensed in Ohio. By providing a protective framework, it ensures that individuals and businesses can recover some of their entitled claims even when their insurance provider is placed into liquidation. This mechanism instills confidence among consumers, knowing that there is a safety net in place to mitigate risks associated with insurance company failures. The Association operates by pooling resources from all participating insurers, thus fostering mutual benefit among policyholders while helping to stabilize the insurance market in Ohio. Overall, its impact is significant in promoting trust and security in the insurance system.
This information is meant to be a general summary of Ohio 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: $364,707
- Program Service Revenue: $15,634
- Gross Receipts: $5,373,685
Assets and Liabilities:
- Total Assets: $22,280,994
- Total Liabilities: $229,033
- Net Assets: $22,051,961
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RECEIPTS FROM LIQUIDATORS
Revenue
$15,634
Organization Details
Founding Year
1974
Phone
(614) 442-6601Principal Officer
Sonni Peterson
Main Address
485 METRO PLACE SOUTH 270, DUBLIN, OH, 43017
Website
www.ohioga.orgNTEE Category
Code: Y20 - Mutual benefit
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