Overview
What is Illinois Insurance Guaranty Fund?
The Illinois Insurance Guaranty Fund is a statutorily mandated organization headquartered in Chicago, Illinois. Its primary role is to safeguard policyholders of property and casualty insurance companies operating in Illinois from financial loss in case of their insurer's insolvency. The Fund ensures the payment of covered claims as per the stipulations of Illinois law, fully discharging its statutory obligations. The Fund's mission is twofold: to provide a mechanism to pay covered claims and return unearned premiums to policyholders, and to distribute the costs of insolvent insurers among the companies holding a certificate of authority to transact insurance in Illinois. The organization, with a team of 14 employees, plays a crucial role in maintaining financial security for insurance policyholders in the state.
Official website here: www.iigf.org
Is Illinois Insurance Guaranty Fund legitimate?
Illinois Insurance Guaranty Fund is a legitimate nonprofit organization registered as a 501(c)(6) entity. Illinois Insurance Guaranty 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: $593,015
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,559,874
For more financial information, click here
Official website here: www.iigf.org
What is the mission statement of Illinois Insurance Guaranty Fund?
The Illinois Insurance Guaranty Fund, as a mandated organization, is established with the primary mission to safeguard policyholders of property and casualty insurance companies operating in Illinois against financial loss in the event of the insurer's insolvency. This is achieved by providing a mechanism to settle covered claims and return unearned premiums to the policyholders affected by insolvent insurers. Moreover, the fund assesses the costs to companies holding a certificate of authority to transact insurance in the state of Illinois, ensuring compliance with the Illinois law. In the event of insolvency, the fund fulfills its statutory obligation by paying all covered claims as required by law and fully discharging its statutory responsibilities.
Official website here: www.iigf.org
Who is the CEO of Illinois Insurance Guaranty Fund?
Tim Schotke is the Executive Di of Illinois Insurance Guaranty Fund.
Official website here: www.iigf.org
What is the revenue of Illinois Insurance Guaranty Fund?
Illinois Insurance Guaranty Fund's revenue in 2022 was $7,186,826.
Official website here: www.iigf.org
Who are the executives of Illinois Insurance Guaranty Fund and what are their salaries?
The average compensation at Illinois Insurance Guaranty Fund during 2022 was $153,778. There are 14 employees at Illinois Insurance Guaranty Fund.
Here are 17 key members and their salaries:
- Compensation: $282,378
- Related: $0
- Other: $78,931
- Compensation: $190,310
- Related: $0
- Other: $49,146
- Compensation: $333,292
- Related: $0
- Other: $40,532
- Compensation: $174,394
- Related: $0
- Other: $42,364
- Compensation: $128,058
- Related: $0
- Other: $36,532
- Compensation: $119,215
- Related: $0
- Other: $33,462
- Compensation: $105,378
- Related: $0
- Other: $42,194
- 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
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.iigf.org
Where can I find the form 990 for Illinois Insurance Guaranty Fund?
Illinois Insurance Guaranty Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.iigf.org
Learn more at the official website: www.iigf.org
Mission Statement of Illinois Insurance Guaranty Fund
The Illinois Insurance Guaranty Fund, a statutorily mandated organization, is committed to safeguarding policyholders of property and casualty insurance companies operating in Illinois. In the event of insolvency of an insurance company, it aims to shield policyholders from potential losses by providing a mechanism to settle covered claims and return any unearned premiums. This ensures financial security for policyholders, fulfilling its obligations in accordance with Illinois law. The Fund's mission is not only limited to claim payments but also extends to assessing the costs associated with insolvent insurance companies holding a certificate of authority to conduct business in Illinois.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
The Illinois Insurance Guaranty Fund plays a crucial role in maintaining consumer confidence in the property and casualty insurance market by safeguarding policyholders against financial loss due to the insolvency of insurance companies operating in the state. When an insurance company fails, the Fund ensures that covered claims are paid in full, as mandated by Illinois law.
This mechanism not only mitigates the financial impact on policyholders who might otherwise lose their benefits and unearned premiums, but it also enhances the stability of the insurance market. The Fund collects assessments from licensed insurance companies to cover the costs of these claims, thus distributing the financial responsibility among insurers rather than placing it on individual policyholders. By fulfilling its statutory obligations, the Illinois Insurance Guaranty Fund reinforces trust and reliability in the insurance system, ultimately promoting a healthier insurance industry in Illinois.
This information is meant to be a general summary of Illinois Insurance Guaranty 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: $804,033
- Program Service Revenue: $6,382,793
- Gross Receipts: $7,186,826
Assets and Liabilities:
- Total Assets: $147,561,188
- Total Liabilities: $3,575,675
- Net Assets: $143,985,513
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ADVANCES FROM LIQUIDATORS
Revenue
$4,233,481
MEMBERSHIP ASSESSMENTS
Revenue
$2,149,312
Organization Details
Founding Year
1971
Phone
(312) 422-9700Principal Officer
Tim Schotke
Main Address
150 SOUTH WACKER DRIVE SUITE 2970, CHICAGO, IL, 60606
Website
www.iigf.orgNTEE Category
Code: Y20 - Mutual benefit
If you are a representative of Illinois Insurance Guaranty Fund and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.