Overview
What is American Association Of Insurance Services?
The American Association of Insurance Services (AAIS) is a prominent advisory organization based in Lisle, Illinois, representing approximately 615 property and casualty insurance companies. Their primary role involves developing, maintaining, and updating manuals of rules and rating procedures for about 37 insurance program lines. In the fiscal year ending June 30, 2022, AAIS made over 950 filings with insurance departments to address product updates, revisions, and regulatory compliance issues on behalf of their member companies. Their mission is to advocate for and promote the common business interests of affiliated and organized groups of insurance companies. With a workforce of 177 employees, AAIS plays a significant role in facilitating regulatory compliance and product development within the insurance industry.
Official website here: www.aaisonline.com
Is American Association Of Insurance Services legitimate?
American Association Of Insurance Services is a legitimate nonprofit organization registered as a 501(c)(6) entity. American Association Of Insurance Services 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: $1,457,827
Professional Fundraising Fees: $0
Other Salaries and Wages: $15,978,845
For more financial information, click here
Official website here: www.aaisonline.com
What is the mission statement of American Association Of Insurance Services?
The American Association of Insurance Services (AAIS) is an advisory organization working for the benefit of affiliated and organized groups of insurance companies. Its mission is to promote the common business interests of these groups by developing, maintaining, and updating manuals of rules and rating procedures for various insurance programs. The organization files these programs with insurance departments on behalf of its member companies, making over 950 filings in a year to address product updates, revisions, and evolving regulatory compliance issues.
Official website here: www.aaisonline.com
Who is the CEO of American Association Of Insurance Services?
Werner Kruck is the CEO of American Association Of Insurance Services The CEO's salary of American Association Of Insurance Services is $299,803 and their total compensation is $312,561.
Official website here: www.aaisonline.com
What is the revenue of American Association Of Insurance Services?
American Association Of Insurance Services's revenue in 2024 was $28,642,173.
Official website here: www.aaisonline.com
Who are the executives of American Association Of Insurance Services and what are their salaries?
The average compensation at American Association Of Insurance Services during 2024 was $137,297. There are 127 employees and 8 volunteers at American Association Of Insurance Services.
Here are 18 key members and their salaries (American Association Of Insurance Services's CEO's salary is $299,803 and their total compensation is $312,561):
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- Compensation: $299,803
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- Other: $12,758
- Compensation: $100,313
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- Other: $5,114
- Compensation: $1,201,505
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- Other: $25,172
- Compensation: $1,127,573
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- Other: $23,508
- Compensation: $449,253
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- Other: $21,052
- Compensation: $419,376
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- Other: $36,362
- Compensation: $290,265
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- Other: $35,945
- Compensation: $451,977
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- Other: $27,714
- Compensation: $281,962
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- Other: $19,404
- Compensation: $410,829
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- Other: $16,838
Official website here: www.aaisonline.com
Where can I find the form 990 for American Association Of Insurance Services?
American Association Of Insurance Services's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.aaisonline.com
Learn more at the official website: www.aaisonline.com
Mission Statement of American Association Of Insurance Services
The American Association of Insurance Services (AAIS) is a vital advisory organization that represents and advocates for the shared business interests of over 600 property and casualty insurance companies. Its primary mission is to promote the common goals and needs of affiliated and organized groups of insurance companies.
In practice, AAIS serves as a statistical agent and develops, maintains, and updates manuals of rules and rating procedures for approximately 37 different insurance program lines. These manuals are then filed with all state insurance departments on behalf of AAIS member companies. In the fiscal year ending on June 30, 2022, AAIS made over 950 filings with insurance departments to address product updates, revisions, and evolving regulatory compliance issues. This continuous effort ensures that AAIS members remain competitive and compliant within the ever-changing insurance landscape.
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Impact
October, 2024
The American Association of Insurance Services (AAIS) plays a crucial role in supporting the property and casualty insurance industry. By acting as an advisory organization and statistical agent, AAIS represents the interests of its 615 member insurance companies, providing valuable resources and guidance that enhance industry standards and practices.
AAIS develops, maintains, and updates comprehensive manuals of rules and rating procedures for approximately 37 different insurance program lines. This ensures that member companies have access to the most current and effective guidelines for operating within the insurance market. The organization demonstrates its active engagement with regulatory compliance by filing over 950 updates with insurance departments in the fiscal year ending June 30, 2022. These filings address product updates, revisions, and evolving regulatory issues, ultimately helping insurance companies navigate complex compliance landscapes.
By promoting the common business interests of affiliated and organized groups of insurance companies, AAIS fosters collaboration and innovation within the industry, contributing to community improvement and stability. This impact not only benefits its members but also serves the broader public by ensuring that insurance products remain relevant, reliable, and responsive to changing market conditions.
This information is meant to be a general summary of American Association Of Insurance Services. 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 2024.
- Investment Income: $586,719
- Program Service Revenue: $29,271,702
- Gross Receipts: $44,784,114
Assets and Liabilities:
- Total Assets: $24,837,464
- Total Liabilities: $15,181,511
- Net Assets: $9,655,953
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBERSHIP DUES
Revenue
$29,193,237
FORMS, MANUALS AND OTHER
Revenue
$78,465
Organization Details
Founding Year
1984
Principal Officer
Werner Kruck
Website
www.aaisonline.comNTEE Category
Code: S41 - Community improvement
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