Overview
What is Minnesota Life And Health Insurance Guaranty Association?
Minnesota Life and Health Insurance Guaranty Association is a nonprofit organization situated in Minneapolis, Minnesota. Its primary mission is to safeguard policyholders, beneficiaries, annuitants, and insured individuals against the failure to fulfill contractual obligations due to an impaired insurer authorized to operate in Minnesota. This protection is subject to certain limits and conditions outlined in Minnesota statutes. The association achieves its purpose and duties by assessing its member insurers, subject to certain limitations, to gather the necessary funds to fulfill this role.
Official website here: www.mnlifega.org
Is Minnesota Life And Health Insurance Guaranty Association legitimate?
Minnesota Life And Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Minnesota 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: $117,209
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Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mnlifega.org
What is the mission statement of Minnesota Life And Health Insurance Guaranty Association?
The Minnesota Life and Health Insurance Guaranty Association is established with a mission to safeguard policyholders, beneficiaries, insured individuals, annuitants, payees, and assignees against the failure to fulfill contractual obligations due to an insurer's impairment. This protection is subject to certain limits and conditions as outlined in Minnesota state laws. The association accomplishes this by assessing its member insurers, subject to certain limitations, to collect the necessary funds to fulfill its purpose and duties. In essence, the association acts as a safety net, providing financial protection to policyholders in the event of an insurer's inability to meet its contractual obligations.
Official website here: www.mnlifega.org
Who is the CEO of Minnesota Life And Health Insurance Guaranty Association?
Pamela Olsen is the Chair & Director of Minnesota Life And Health Insurance Guaranty Association.
Official website here: www.mnlifega.org
What is the revenue of Minnesota Life And Health Insurance Guaranty Association?
Minnesota Life And Health Insurance Guaranty Association's revenue in 2022 was $804.
Official website here: www.mnlifega.org
Who are the executives of Minnesota Life And Health Insurance Guaranty Association and what are their salaries?
There 9 volunteers at Minnesota Life And Health Insurance Guaranty Association.
Here are 10 key members and their salaries:
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Official website here: www.mnlifega.org
Where can I find the form 990 for Minnesota Life And Health Insurance Guaranty Association?
Minnesota Life And Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mnlifega.org
Learn more at the official website: www.mnlifega.org
Mission Statement of Minnesota Life And Health Insurance Guaranty Association
Minnesota Life and Health Insurance Guaranty Association has a mission to protect individuals against the failure of insurance contracts. This organization ensures that policy owners, death benefit certificate holders, insureds, beneficiaries, annuitants, payees, and assignees of life and health insurance policies and annuity and supplemental contracts are safeguarded against contractual obligations not being fulfilled due to an insurer's impairment. The Association achieves this purpose by assessing its member insurers, subject to certain limitations, to gather the necessary funds to fulfill its duties. The protection provided by Minnesota Life and Health Insurance Guaranty Association is subject to certain limits and conditions as outlined in the Minnesota Statutes.
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Impact
October, 2024
The Minnesota Life and Health Insurance Guaranty Association plays a crucial role in safeguarding policyholders by providing protection against the failure of insurance companies to fulfill their contractual obligations. When an insurer authorized to operate in Minnesota becomes impaired, the Association steps in to ensure that policy owners, beneficiaries, and annuitants are not left vulnerable.
By offering a safety net, it instills confidence in individuals purchasing life and health insurance products, knowing that, even in adverse situations where an insurer may fail, their interests are protected. The Association assesses its member insurers to generate the necessary funds to carry out its mission, ensuring that protection is available subject to specific limits and conditions defined by Minnesota law.
Ultimately, the impact of the Minnesota Life and Health Insurance Guaranty Association extends beyond individual policyholders; it contributes to the overall stability and trust in the insurance market. By ensuring that claims are honored and policies remain secure, the Association fosters a sense of security and peace of mind for all stakeholders involved in life and health insurance transactions in the state.
This information is meant to be a general summary of Minnesota 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: $804
- Gross Receipts: $804
Assets and Liabilities:
- Total Assets: $16,113,773
- Total Liabilities: $1,520,670
- Net Assets: $14,593,103
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Organization Details
Founding Year
1977
Phone
(612) 322-8713Principal Officer
Pamela Olsen
Main Address
90 SOUTH SEVENTH STREET 3300, MINNEAPOLIS, MN, 55402
Website
www.mnlifega.orgNTEE Category
Code: Y20 - Mutual benefit
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