Overview
What is Illinois Life & Health Insurance Guaranty Associaton?
The Illinois Life & Health Insurance Guaranty Association is a nonprofit organization established in 1980, as outlined in the Illinois Insurance Code. Its primary mission is to safeguard Illinois residents, policyholders, enrollees, and their beneficiaries, assignees, and payees, ensuring they receive their due benefits in the event of an insolvent member insurance company. Overseeing operations from Lisle, Illinois, the organization has paid out $8 million of the $11 million in expenses on behalf of policyholders, while collecting $3 million in premium revenue and generating an additional $3 million in net investment income. With a team of nine dedicated individuals, the Illinois Life & Health Insurance Guaranty Association plays a critical role in maintaining financial stability and security for its constituents in the face of insolvency within the insurance industry.
Official website here: www.ilhiga.org
Is Illinois Life & Health Insurance Guaranty Associaton legitimate?
Illinois Life & Health Insurance Guaranty Associaton is a legitimate nonprofit organization registered as a 501(c)(6) entity. Illinois Life & Health Insurance Guaranty Associaton 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: $501,859
Professional Fundraising Fees: $0
Other Salaries and Wages: $511,010
For more financial information, click here
Official website here: www.ilhiga.org
What is the mission statement of Illinois Life & Health Insurance Guaranty Associaton?
The Illinois Life & Health Insurance Guaranty Association, established in 1980, serves the purpose of ensuring the fulfillment of policy obligations for Illinois residents in the event of a member insurer's insolvency. This organization's mission is centered around protecting policyholders, enrollees, and their beneficiaries, assignees, and payees covered by the Act. In case of an insolvent member insurer, the association steps in to pay out benefits, safeguarding the financial security of the policyholders. As of the provided data, the association has allocated $8 million out of $11 million in expenses for policyholder benefits, collected $3 million in premiums, and earned $3 million in net investment income.
Official website here: www.ilhiga.org
What is the revenue of Illinois Life & Health Insurance Guaranty Associaton?
Illinois Life & Health Insurance Guaranty Associaton's revenue in 2024 was $55,913,593.
Official website here: www.ilhiga.org
Who are the executives of Illinois Life & Health Insurance Guaranty Associaton and what are their salaries?
The average compensation at Illinois Life & Health Insurance Guaranty Associaton during 2024 was $112,541. There are 9 employees and 11 volunteers at Illinois Life & Health Insurance Guaranty Associaton.
Here are 15 key members and their salaries:
- Compensation: $437,873
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- Other: $63,986
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- Other: $32,783
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Official website here: www.ilhiga.org
Where can I find the form 990 for Illinois Life & Health Insurance Guaranty Associaton?
Illinois Life & Health Insurance Guaranty Associaton's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.ilhiga.org
Learn more at the official website: www.ilhiga.org
Mission Statement of Illinois Life & Health Insurance Guaranty Associaton
The Illinois Life & Health Insurance Guaranty Association, established in 1980, serves a crucial purpose within the state's insurance sector. Its mission, as outlined in the Illinois Insurance Code, is to safeguard the interests of Illinois residents who hold life and health insurance policies. In the event of a member insurer's insolvency, this organization steps in to fulfill the promises made in covered policies. This protection extends to policyholders, enrollees, their beneficiaries, assignees, and payees, ensuring that they continue to receive their benefits. The Association's primary function is to provide financial assistance, having paid out $8 million out of a total $11 million in expenses on behalf of policyholders. Furthermore, the Association generates revenue through premium collections and net investment income, contributing $3 million towards each category. These financial resources are essential in fulfilling the Association's commitment to safeguarding the interests of the insured in Illinois.
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Impact
October, 2024
The Illinois Life & Health Insurance Guaranty Association plays a crucial role in safeguarding policyholders in the state against the potential insolvency of member insurers. Established in 1980 under the Illinois Insurance Code, it ensures that individuals covered by certain policies can fulfill their financial and health-related obligations even when their insurer fails.
With an operational framework that handled approximately $11 million in expenses, the organization has effectively managed to cover $8 million of that amount on behalf of policyholders. Its revenue streams include $3 million from premium collections and another $3 million from net investment income, which totals around $6 million. This financial structure underscores its commitment to maintaining stability and providing critical support during distressing situations related to insurer insolvency.
By fulfilling its mission to protect the rights and benefits of Illinois residents, the association reinforces consumer confidence in the insurance industry. It serves as a safety net for policyholders, ensuring that they do not lose their hard-earned benefits and coverage, thus reflecting a commitment to mutual benefit and advocacy for those in need.
This information is meant to be a general summary of Illinois Life & Health Insurance Guaranty Associaton. 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: $3,354,900
- Program Service Revenue: $52,558,693
- Gross Receipts: $55,913,593
Assets and Liabilities:
- Total Assets: $82,535,675
- Total Liabilities: $13,691,731
- Net Assets: $68,843,944
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Assessments
Revenue
$44,999,267
Reserve Transfer Activity
Revenue
$3,563,129
Premiums
Revenue
$2,797,601
Estate Recoveries
Revenue
$1,120,196
Organization Details
Founding Year
1980
Principal Officer
Janis D Potter
Website
www.ilhiga.orgNTEE Category
Code: Y20 - Mutual benefit
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