Overview
What is Minnesota Insurance Guaranty Association?
The Minnesota Insurance Guaranty Association, established in 1971, is a nonprofit organization located in Edina, Minnesota. Its primary purpose is to ensure financial protection for individuals and businesses affected by insolvent insurance companies. By providing a method for processing certain claims, the association aims to prevent financial loss and assist in the detection and prevention of insurer insolvencies. With a mission focused on claim payouts, the organization serves as a safety net for policyholders, maintaining an association of insurers that can collectively bear the cost of such protection in a fair manner.
Official website here: www.minnesota.ncigf.org
Is Minnesota Insurance Guaranty Association legitimate?
Minnesota Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Minnesota 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: $197,421
Professional Fundraising Fees: $0
Other Salaries and Wages: $349,706
For more financial information, click here
Official website here: www.minnesota.ncigf.org
What is the mission statement of Minnesota Insurance Guaranty Association?
The Minnesota Insurance Guaranty Association, established in 1971, serves a crucial purpose by providing a method of payment for certain claims against insolvent insurance companies. This initiative aims to shield claimants and policyholders from potential financial loss due to the insolvency of their insurance providers. Furthermore, the association strives to aid in the detection and prevention of insurer insolvencies, thereby fostering financial stability within the insurance sector. Lastly, the Minnesota Insurance Guaranty Association operates as an association of insurers, allowing the cost of such protection to be equitably distributed among its members.
Official website here: www.minnesota.ncigf.org
Who is the CEO of Minnesota Insurance Guaranty Association?
Robert A Farber is the Executive Director of Minnesota Insurance Guaranty Association.
Official website here: www.minnesota.ncigf.org
What is the revenue of Minnesota Insurance Guaranty Association?
Minnesota Insurance Guaranty Association's revenue in 2022 was $7,219,133.
Official website here: www.minnesota.ncigf.org
Who are the executives of Minnesota Insurance Guaranty Association and what are their salaries?
The average compensation at Minnesota Insurance Guaranty Association during 2022 was $91,188. There are 6 employees at Minnesota Insurance Guaranty Association.
Here are 11 key members and their salaries:
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- Other: $38,435
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Official website here: www.minnesota.ncigf.org
Where can I find the form 990 for Minnesota Insurance Guaranty Association?
Minnesota Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.minnesota.ncigf.org
Learn more at the official website: www.minnesota.ncigf.org
Mission Statement of Minnesota Insurance Guaranty Association
The Minnesota Insurance Guaranty Association, established in 1971, serves as a nonprofit entity with a mission to provide a method of payment for certain claims against insolvent insurance companies. This organization aims to prevent financial loss for claimants and policyholders, safeguarding them from potential losses due to the insolvency of their insurance providers. Furthermore, the Association plays a crucial role in detecting and preventing insurer insolvencies, ensuring the stability of the insurance market. Additionally, it provides an association of insurers, enabling the cost of such protection to be distributed fairly among its members.
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Impact
October, 2024
The Minnesota Insurance Guaranty Association plays a crucial role in protecting policyholders and claimants by ensuring that they receive payment for claims against insolvent insurance companies. Established in 1971, this organization serves as a safety net, mitigating financial losses that may arise when an insurance company fails.
By engaging in the detection and prevention of insurer insolvencies, the Association contributes to the overall stability of the insurance market. It creates a systematic approach for insurers, equitably distributing the costs associated with insolvencies, which in turn fosters a sense of security among policyholders. Through these efforts, the Minnesota Insurance Guaranty Association helps maintain trust in the insurance industry, ensuring that individuals and businesses can rely on their coverage even in challenging circumstances.
This information is meant to be a general summary of Minnesota 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: $5,769,310
- Program Service Revenue: $1,449,823
- Gross Receipts: $7,219,133
Assets and Liabilities:
- Total Assets: $184,125,017
- Total Liabilities: $0
- Net Assets: $184,125,017
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RECOVERIES
Revenue
$885,469
REIMBURSEMENTS FROM LIQUIDATORS
Revenue
$556,905
OTHER
Revenue
$7,449
Organization Details
Founding Year
1971
Phone
(952) 831-1908Principal Officer
Robert A Farber
Main Address
7600 PARKLAWN AVE 329, EDINA, MN, 55435
Website
www.minnesota.ncigf.orgNTEE Category
Code: Y20 - Mutual benefit
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