Overview
What is Michigan Catastrophic Claims Association?
The Michigan Catastrophic Claims Association (MCCA) is a mandatory, non-profit unincorporated association comprised of every insurance company selling automobile or motorcycle coverage in Michigan. Its primary mission involves reviewing reported Personal Injury Protection (PIP) claims from members and indemnifying ultimate member losses under Michigan's statutory required PIP coverages.
Official website here: www.michigancatastrophic.com
Is Michigan Catastrophic Claims Association legitimate?
Michigan Catastrophic Claims Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Michigan Catastrophic Claims 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: $1,075,691
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,174,343
For more financial information, click here
Official website here: www.michigancatastrophic.com
What is the mission statement of Michigan Catastrophic Claims Association?
The Michigan Catastrophic Claims Association (MCCA) is a non-profit organization that brings together every insurance company selling automobile or motorcycle coverage in Michigan. Its primary role is to review and process personal injury protection claims reported by its members and provide indemnification for ultimate member losses under statutory required personal protection insurance coverages. The association ensures that members adhere to the regulations and standards set by the state for personal injury protection claims. By managing claims and mitigating losses, the MCCA helps maintain the financial stability of the Michigan insurance market, ultimately benefiting policyholders.
Official website here: www.michigancatastrophic.com
Who is the CEO of Michigan Catastrophic Claims Association?
Unavailable
Official website here: www.michigancatastrophic.com
What is the revenue of Michigan Catastrophic Claims Association?
Michigan Catastrophic Claims Association's revenue in 2022 was $1,744,028,645.
Official website here: www.michigancatastrophic.com
Who are the executives of Michigan Catastrophic Claims Association and what are their salaries?
The average compensation at Michigan Catastrophic Claims Association during 2022 was $67,709. There are 48 employees at Michigan Catastrophic Claims Association.
Here are 15 key members and their salaries:
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- Compensation: $230,892
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- Other: $36,998
- Compensation: $457,733
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- Compensation: $377,185
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- Other: $52,314
- Compensation: $423,590
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- Other: $36,415
- Compensation: $292,204
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- Other: $39,422
- Compensation: $170,417
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- Other: $43,094
- Compensation: $193,950
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- Other: $18,595
Official website here: www.michigancatastrophic.com
Where can I find the form 990 for Michigan Catastrophic Claims Association?
Michigan Catastrophic Claims Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.michigancatastrophic.com
Learn more at the official website: www.michigancatastrophic.com
Mission Statement of Michigan Catastrophic Claims Association
The Michigan Catastrophic Claims Association (MCCA) is a non-profit unincorporated organization composed of every insurance company that sells automobile or motorcycle coverage in Michigan. In simple terms, its mission revolves around the review of personal injury protection claims reported by members and the ultimate indemnification of losses under the statutory required personal protection insurance coverages.
The MCCA acts as a collective entity, ensuring that its members' financial burdens are shared equitably when it comes to catastrophic claims. By pooling resources and expertise, the association aims to provide a safety net for its members, enabling them to manage substantial claims that could potentially threaten their financial stability. This collaborative approach allows the insurance industry to maintain financial stability while ensuring that policyholders continue to receive coverage for their personal protection needs.
The MCCA plays a crucial role in the Michigan insurance market by effectively managing and distributing the financial risk of catastrophic claims. Its mission is twofold: first, it ensures that insurance companies have the resources to pay out claims arising from catastrophic injuries; second, it provides a more predictable and stable cost for personal protection insurance coverage for Michigan drivers. In doing so, the association not only protects its members but also helps maintain the overall affordability and accessibility of automobile and motorcycle insurance in the state.
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Impact
October, 2024
The Michigan Catastrophic Claims Association (MCCA) plays a crucial role in the state's automobile insurance landscape by managing and mitigating the financial risks associated with catastrophic injury claims resulting from auto accidents. By reviewing personal injury protection claims reported by its member insurance companies, the MCCA ensures that these claims are processed efficiently and fairly.
This oversight helps to stabilize insurance premiums for policyholders, as it pools the costs associated with severe and long-term injuries, thus protecting individual insurers from the significant financial burden of high-cost claims. As all insurance companies selling automobile or motorcycle coverage in Michigan are required to be MCCA members, it fosters a collaborative approach among insurers, promoting mutual benefit and fostering a more predictable operating environment in the insurance market. Ultimately, the MCCA's functions help safeguard both policyholders and insurers from the unpredictable nature of catastrophic claims.
This information is meant to be a general summary of Michigan Catastrophic Claims 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: $1,252,027,573
- Program Service Revenue: $492,001,046
- Gross Receipts: $8,549,935,671
Assets and Liabilities:
- Total Assets: $21,855,296,718
- Total Liabilities: $25,530,466,219
- Net Assets: -$3,675,169,501
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$492,001,046
Organization Details
Founding Year
1978
Phone
(734) 953-2779Main Address
17584 LAUREL PARK DRIVE NORTH, LIVONIA, MI, 481523982
Website
www.michigancatastrophic.comNTEE Category
Code: Y20 - Mutual benefit
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