Overview
What is West Virginia Insurance Guaranty Association?
The West Virginia Insurance Guaranty Association is a nonprofit organization established to safeguard certain policyholders and claimants in the event of an insurance company's insolvency within West Virginia. When an insurance company licensed to sell specific policies in the state faces liquidation, this association aims to provide a certain level of financial security. This protection is crucial in ensuring that policyholders and claimants do not suffer significant financial losses. The association's mission underscores its commitment to maintaining stability in the insurance sector and safeguarding the interests of policyholders during challenging times.
Official website here: www.wviga.org
Is West Virginia Insurance Guaranty Association legitimate?
West Virginia Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. West Virginia 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: $83,468
Professional Fundraising Fees: $0
Other Salaries and Wages: $43,497
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Official website here: www.wviga.org
What is the mission statement of West Virginia Insurance Guaranty Association?
The West Virginia Insurance Guaranty Association is dedicated to offering a degree of security for specific policyholders and claimants, should the insolvency of an Insurance company licensed to sell certain types of policies in West Virginia arise. In such instances, the association steps in to provide protection when the company enters liquidation. This safeguard is essential to maintaining trust in the Insurance industry and ensuring that policyholders and claimants are not left unprotected during times of financial instability. The association's role is crucial in upholding the stability and reliability of the Insurance sector, providing a safety net when needed.
Official website here: www.wviga.org
What is the revenue of West Virginia Insurance Guaranty Association?
West Virginia Insurance Guaranty Association's revenue in 2023 was $5,420,382.
Official website here: www.wviga.org
Who are the executives of West Virginia Insurance Guaranty Association and what are their salaries?
Here are 9 key members and their salaries:
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- Related: $239,982
- Other: $25,630
Official website here: www.wviga.org
Where can I find the form 990 for West Virginia Insurance Guaranty Association?
West Virginia Insurance Guaranty Association's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.wviga.org
Learn more at the official website: www.wviga.org
Mission Statement of West Virginia Insurance Guaranty Association
The West Virginia Insurance Guaranty Association, as a nonprofit organization, is committed to offering a degree of security to specific policyholders and claimants. In the event that an insurance company licensed to sell certain types of policies in West Virginia faces insolvency and is placed into liquidation, this association steps in to provide a shield. By doing so, it aims to alleviate the financial hardships that policyholders and claimants might encounter during such a difficult time. The mission of the West Virginia Insurance Guaranty Association is thus centered around ensuring some level of protection for its policyholders and claimants, safeguarding their interests during the insolvency of the insurance company.
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Impact
October, 2024
The West Virginia Insurance Guaranty Association plays a crucial role in safeguarding policyholders and claimants from the financial fallout of an insurance company's insolvency. When an insurance provider licensed in West Virginia is placed into liquidation, this association ensures that individuals and businesses holding certain policies are protected. This protection alleviates uncertainty for policyholders, allowing them to maintain some level of coverage and security despite the financial instability of their insurer. By fulfilling this mission, the West Virginia Insurance Guaranty Association contributes to the overall stability of the insurance market in the state and fosters trust in the insurance system, benefitting all stakeholders involved.
This information is meant to be a general summary of West Virginia 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 2023.
- Investment Income: $495,723
- Program Service Revenue: $4,892,193
- Gross Receipts: $6,387,916
Assets and Liabilities:
- Total Assets: $14,081,861
- Total Liabilities: $49,227
- Net Assets: $14,032,634
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INSOLVENT INSURANCE COMPANY REVEN
Revenue
$4,888,497
SUBROGATION REVENUE
Revenue
$3,696
Organization Details
Founding Year
1976
Principal Officer
Sonni Peterson
Website
www.wviga.orgNTEE Category
Code: Y20 - Mutual benefit
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