Overview
What is South Dakota Insurance Guaranty?
South Dakota Insurance Guaranty is a nonprofit organization established in 1970, located in Sioux Falls, South Dakota. Its primary mission is to safeguard insurance policyholders in the event their insolvent insurance companies, which offer property, casualty, workers' compensation, and automobile liability policies in the state, face financial instability. Over the years, from its inception to December 31, 2022, the association has provided financial assistance to the tune of $27.7 million to policyholders impacted by such insolvent companies. Furthermore, they have returned $1.2 million in unearned premiums to the policyholders of these insolvent insurers. In essence, South Dakota Insurance Guaranty acts as a safety net for insurance policyholders, ensuring they receive benefits despite their insurers' insolvency.
Official website here: www.sdakota.ncigf
Is South Dakota Insurance Guaranty legitimate?
South Dakota Insurance Guaranty is a legitimate nonprofit organization registered as a 501(c)(6) entity. South Dakota Insurance Guaranty 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.sdakota.ncigf
What is the mission statement of South Dakota Insurance Guaranty?
The South Dakota Insurance Guaranty was established with a mission to provide financial assistance to insurance policyholders in the event of an insolvency of their insurance companies. This association specifically focuses on property, casualty, workers' compensation, and automobile liability policies. In the event of an insolvent insurance company, the association pays out benefits to the policyholders of the affected policies. From its inception to December 31, 2022, the South Dakota Insurance Guaranty Association has disbursed $27.7 million in benefits to policyholders and refunded $1.2 million in unearned premiums. The association's primary goal is to protect policyholders and ensure they receive the benefits they are entitled to, even in the case of an insolvent insurance company.
Official website here: www.sdakota.ncigf
What is the revenue of South Dakota Insurance Guaranty?
South Dakota Insurance Guaranty's revenue in 2023 was $334,193.
Official website here: www.sdakota.ncigf
Who are the executives of South Dakota Insurance Guaranty and what are their salaries?
There 7 volunteers at South Dakota Insurance Guaranty.
Here are 8 key members and their salaries:
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Official website here: www.sdakota.ncigf
Where can I find the form 990 for South Dakota Insurance Guaranty?
South Dakota Insurance Guaranty's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.sdakota.ncigf
Learn more at the official website: www.sdakota.ncigf
Mission Statement of South Dakota Insurance Guaranty
South Dakota Insurance Guaranty, established in 1970, was formed with a mission to provide assistance in the event of insolvency for insurance policy holders of certain types of insurance companies operating in South Dakota. Specifically, this nonprofit organization is tasked with offering benefits to holders of property, casualty, workers' compensation, and automobile liability policies. In the unfortunate event that an insurer conducting business in South Dakota becomes insolvent, South Dakota Insurance Guaranty steps in to offer financial support, having paid out a total of $27.7 million to policyholders affected by such insolvencies between its inception and December 31, 2022. Additionally, the association has returned $1.2 million in unearned premium to policyholders of the insolvent insurers.
In summary, the South Dakota Insurance Guaranty plays a crucial role in protecting insurance policy holders by providing benefits in the event of insolvency of certain types of insurance companies operating in the state. This support, in the form of payouts and premium refunds, helps to alleviate financial burden and ensure that policyholders are not left without coverage during a difficult time.
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Impact
October, 2024
South Dakota Insurance Guaranty plays a crucial role in protecting policyholders from the fallout of insolvent insurance companies. Since its establishment in 1970, the Association has disbursed $27.7 million to those holding covered claims against failing insurers, addressing various areas such as automobile, workers' compensation, and property and casualty insurance.
In addition to covering claims, it has refunded $1.2 million in unearned premiums to affected policyholders. This financial safety net ensures that individuals and businesses have recourse and support in times of uncertainty, fostering confidence in the state's insurance market. By safeguarding the interests of policyholders, the Association contributes to the overall stability of the insurance landscape in South Dakota.
This information is meant to be a general summary of South Dakota Insurance Guaranty. 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 2023.
- Investment Income: $71,175
- Program Service Revenue: $161,180
- Gross Receipts: $334,193
Assets and Liabilities:
- Total Assets: $8,990,705
- Total Liabilities: $0
- Net Assets: $8,990,705
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INS LIQUIDATION PMTS
Revenue
$161,180
Organization Details
Founding Year
1970
Principal Officer
Jim Davidson
Website
www.sdakota.ncigfNTEE Category
Code: Y20 - Mutual benefit
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