Overview
What is South Dakota Life And Health Insurance Guaranty Association?
The South Dakota Life and Health Insurance Guaranty Association is a nonprofit entity established in 1989, situated in Sioux Falls, South Dakota. Its primary function is to safeguard policyholders of annuity, life, accident, and health insurance, as well as supplemental policies, in the event of an impaired or insolvent member insurer. The association operates under a plan of operation, approved under South Dakota Code, and is governed by a board of directors. All authorized insurers in South Dakota, dealing with life, annuity, or accident and health insurance, are required to be members of the association. The association's purpose is to shield South Dakota residents, as well as others in specific circumstances, from breaches of contractual obligations under life and health insurance policies and annuity contracts due to the financial instability of member insurers.
Official website here: www.sdlifega.org
Is South Dakota Life And Health Insurance Guaranty Association legitimate?
South Dakota Life And Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. South Dakota 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:
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For more financial information, click here
Official website here: www.sdlifega.org
What is the mission statement of South Dakota Life And Health Insurance Guaranty Association?
The South Dakota Life and Health Insurance Guaranty Association's mission is to safeguard policyholders of annuity, life, accident, and health policies, as well as supplemental contracts, issued by impaired or insolvent member insurers. The association aims to protect residents of South Dakota, and others in specific circumstances, against the non-performance of contractual obligations under life and health insurance policies and annuity contracts due to the financial instability of a member insurer. Established in July 1989, the association operates under a plan of operation approved by the South Dakota Code and exercises its powers through a board of directors. The association consists of member insurers authorized to conduct life, annuity, or accident and health insurance business in South Dakota. All member insurers are required to be and remain members of the association as a condition of their authority to transact insurance in South Dakota. The association's primary function is to provide benefits to policyholders of impaired or insolvent member insurers.
Official website here: www.sdlifega.org
Who is the CEO of South Dakota Life And Health Insurance Guaranty Association?
Charles Gullickson is the Chairperson of South Dakota Life And Health Insurance Guaranty Association.
Official website here: www.sdlifega.org
What is the revenue of South Dakota Life And Health Insurance Guaranty Association?
South Dakota Life And Health Insurance Guaranty Association's revenue in 2022 was $7,789,068.
Official website here: www.sdlifega.org
Who are the executives of South Dakota Life And Health Insurance Guaranty Association and what are their salaries?
There 8 volunteers at South Dakota Life And Health Insurance Guaranty Association.
Here are 9 key members and their salaries:
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Official website here: www.sdlifega.org
Where can I find the form 990 for South Dakota Life And Health Insurance Guaranty Association?
South Dakota Life And Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.sdlifega.org
Learn more at the official website: www.sdlifega.org
Mission Statement of South Dakota Life And Health Insurance Guaranty Association
The South Dakota Life and Health Insurance Guaranty Association, established in July 1989, serves as a safeguard for policyholders of annuity, life, accident, and health policies or contracts issued by insurers that face impairment or insolvency. The primary purpose of this non-profit entity is to protect residents of South Dakota, and others under certain circumstances, against the failure to fulfill contractual obligations under life and health insurance policies and annuity contracts due to the financial instability of a member insurer. The Association performs its functions under a plan of operation, exercising its powers through a board of directors and operating under the South Dakota Code. All member insurers that are authorized to transact life, annuity, or accident and health insurance in South Dakota are required to be and remain members of the Association as a condition of their authority to do business in the state. The Association was established with the mission to provide benefits to policyholders of annuity, life, accident, and health policies or contracts of impaired or insolvent member insurers.
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Impact
October, 2024
The South Dakota Life and Health Insurance Guaranty Association plays a crucial role in safeguarding policyholders in the state. By providing benefits to individuals holding life, health, annuity, and supplemental insurance policies, the association ensures that residents have a safety net in the event of an insurer's impairment or insolvency. This protection mitigates the financial risk associated with potential failures of insurance companies, thereby fostering greater confidence among consumers regarding their insurance choices.
Established in 1989, the association operates under a legally defined framework and is governed by a board of directors. Its member insurers must remain affiliated with the association to maintain their licensing to conduct insurance business in South Dakota. This structure not only holds insurers accountable but also reinforces the commitment to policyholders' rights and benefits.
By fulfilling its mission, the South Dakota Life and Health Insurance Guaranty Association serves as a critical resource, providing peace of mind and financial security to policyholders, ultimately contributing to a more stable and reliable insurance market in the state.
This information is meant to be a general summary of South Dakota 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: $13,474
- Program Service Revenue: $7,775,594
- Gross Receipts: $7,789,068
Assets and Liabilities:
- Total Assets: $1,217,935
- Total Liabilities: $0
- Net Assets: $1,217,935
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$7,759,589
INSURANCE PREMIUMS
Revenue
$16,005
Organization Details
Founding Year
1989
Phone
(605) 336-2880Principal Officer
Charles Gullickson
Main Address
206 W 14TH ST, SIOUX FALLS, SD, 57104
Website
www.sdlifega.orgNTEE Category
Code: Y20 - Mutual benefit
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