Overview
What is Michigan Life And Health Insurance Guaranty Association?
Michigan Life and Health Insurance Guaranty Association is a nonprofit organization situated in Haslett, Michigan. It serves as a safety net for 835 of its members, ensuring they can meet certain financial obligations in the unlikely event of impairment or insolvency of these members' insurance companies. In such situations, the Association provides funds to guarantee payments and coverage, subject to specific limits. Their primary mission is to safeguard Michigan policyholders, offering a layer of protection in the event that one of their associated insurance companies faces financial difficulties.
Official website here: www.milifega.org
Is Michigan Life And Health Insurance Guaranty Association legitimate?
Michigan Life And Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Michigan Life And Health 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.milifega.org
What is the mission statement of Michigan Life And Health Insurance Guaranty Association?
The Michigan Life and Health Insurance Guaranty Association's mission is to safeguard policyholders within certain limits, in the unlikely event that a member insurance company encounters impairment or insolvency. In such a scenario, the association guarantees the payment of benefits and continues the coverage, subject to certain limitations. To accomplish this, the association may assess up to 835 of its members, within certain limits, to provide funds necessary for guaranteeing specific payments and coverage. During the year, claims were paid to policyholders or their beneficiaries for three insolvent companies.
Official website here: www.milifega.org
Who is the CEO of Michigan Life And Health Insurance Guaranty Association?
Scott J Golde is the Director of Michigan Life And Health Insurance Guaranty Association.
Official website here: www.milifega.org
What is the revenue of Michigan Life And Health Insurance Guaranty Association?
Michigan Life And Health Insurance Guaranty Association's revenue in 2022 was $105,433.
Official website here: www.milifega.org
Who are the executives of Michigan Life And Health Insurance Guaranty Association and what are their salaries?
There 13 volunteers at Michigan Life And Health Insurance Guaranty Association.
Here are 13 key members and their salaries:
- 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
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.milifega.org
Where can I find the form 990 for Michigan Life And Health Insurance Guaranty Association?
Michigan Life And Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.milifega.org
Learn more at the official website: www.milifega.org
Mission Statement of Michigan Life And Health Insurance Guaranty Association
Michigan Life and Health Insurance Guaranty Association, in essence, serves to safeguard policyholders within certain limits in the event an association member insurance company becomes financially unstable or insolvent. This organization's primary mission is to ensure the payment of benefits and the continuation of coverage for policyholders in such unfortunate situations, albeit with certain limits. To accomplish this, the Association requires 835 of its members to contribute funds within certain constraints, which are then utilized to guarantee specific payments and coverage. During the year, claims were successfully settled for three insolvent companies, providing financial assistance to their policyholders or beneficiaries.
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 Michigan Life and Health Insurance Guaranty Association plays a crucial role in safeguarding policyholders in the state. Its primary impact lies in providing financial protection to individuals and families who depend on life and health insurance products. In the unlikely event that a member insurance company becomes insolvent, the Association ensures that certain benefits and coverage continue, thus mitigating the financial fallout for policyholders.
With 835 members subject to assessment, the Association collects funds to cover claims arising from the insolvency of these insurance providers. This structure guarantees that policyholders or their beneficiaries can receive payments even when faced with the unexpected closure of an insurer. Over the past year, the Association successfully paid claims related to three insolvent companies, highlighting its effectiveness in maintaining policyholder trust and stability within the insurance market.
In essence, the Michigan Life and Health Insurance Guaranty Association serves as a safety net, providing peace of mind to policyholders by ensuring their benefits are protected and accessible, even amidst financial challenges faced by their insurers.
This information is meant to be a general summary of Michigan Life And Health 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: $104,435
- Program Service Revenue: $998
- Gross Receipts: $105,433
Assets and Liabilities:
- Total Assets: $9,917,800
- Total Liabilities: $0
- Net Assets: $9,917,800
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.
INSURANCE PREMIUMS
Revenue
$998
Organization Details
Founding Year
1982
Phone
(517) 339-4500Principal Officer
Scott J Golde
Main Address
1640 HASLETT RD 160, HASLETT, MI, 48840
Website
www.milifega.orgNTEE Category
Code: Y20 - Mutual benefit
If you are a representative of Michigan Life And Health Insurance Guaranty Association 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.