Overview
What is Rhode Island Property & Casualty Insurance Guaranty Association?
The Rhode Island Property & Casualty Insurance Guaranty Association is a nonprofit organization situated in Boston, Massachusetts. Its primary mission, as mandated by the Rhode Island state statute, is to safeguard the interests of policyholders and claimants when their insurers face insolvency. The association operates in accordance with the Rhode Island Property & Casualty Insurance Guaranty Association Act, providing financial assistance and protection to those affected in line with this legislation.
Official website here: www.gfms.org
Is Rhode Island Property & Casualty Insurance Guaranty Association legitimate?
Rhode Island Property & Casualty Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Rhode Island Property & Casualty 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.
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Official website here: www.gfms.org
What is the mission statement of Rhode Island Property & Casualty Insurance Guaranty Association?
The Rhode Island Property & Casualty Insurance Guaranty Association's mission is to safeguard the interests of policyholders and claimants when their insurers face insolvency. This is done in adherence to the state statute, the Rhode Island Property & Casualty Insurance Guaranty Association Act. The association's primary role is to ensure continuity of insurance coverage and payment of claims, thereby providing financial security to policyholders and claimants in such situations. Its operations are guided by the provisions outlined in the aforementioned act.
Official website here: www.gfms.org
Who is the CEO of Rhode Island Property & Casualty Insurance Guaranty Association?
Barbara Petersen Law is the Principal Officer of Rhode Island Property & Casualty Insurance Guaranty Association.
Official website here: www.gfms.org
What is the revenue of Rhode Island Property & Casualty Insurance Guaranty Association?
Rhode Island Property & Casualty Insurance Guaranty Association's revenue in 2022 was $393,663.
Official website here: www.gfms.org
Who are the executives of Rhode Island Property & Casualty Insurance Guaranty Association and what are their salaries?
Here are 8 key members and their salaries:
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Official website here: www.gfms.org
Where can I find the form 990 for Rhode Island Property & Casualty Insurance Guaranty Association?
Rhode Island Property & Casualty Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.gfms.org
Learn more at the official website: www.gfms.org
Mission Statement of Rhode Island Property & Casualty Insurance Guaranty Association
The Rhode Island Property & Casualty Insurance Guaranty Association, in line with its mission, works diligently to safeguard the interests of policyholders and claimants who have been affected by the insolvency of insurance companies. This is accomplished in accordance with the Rhode Island state statute, specifically the Rhode Island P&C Insurance Guaranty Association Act (the "Act"), R.I.G.L. s. 27-34, et seq. The Association's role is crucial in ensuring that the financial obligations of these insolvent insurers are met, thereby providing a level of security and peace of mind to those who are most affected.
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Impact
October, 2024
The Rhode Island Property & Casualty Insurance Guaranty Association plays a crucial role in safeguarding policyholders and claimants when insurers become insolvent. By providing financial protection in alignment with the Rhode Island Property & Casualty Insurance Guaranty Association Act, the Association ensures that individuals and businesses can recover claims despite the failure of their insurance providers. This service fosters confidence in the insurance market, mitigating the financial repercussions of insolvency and helping to stabilize the overall insurance landscape in Rhode Island. By prioritizing the interests of policyholders, the Association contributes to the economic security of the community and upholds the integrity of the insurance system.
This information is meant to be a general summary of Rhode Island Property & Casualty 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: -$100,779
- Program Service Revenue: $494,442
- Gross Receipts: $14,177,143
Assets and Liabilities:
- Total Assets: $17,647,758
- Total Liabilities: $0
- Net Assets: $17,647,758
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Member Assessment
Revenue
$355,436
Recovery
Revenue
$139,006
Organization Details
Founding Year
1971
Phone
(617) 227-7020Principal Officer
Barbara Petersen Law
Main Address
One Bowdoin Square Second Floor, Boston, MA, 021142916
Website
www.gfms.orgIf you are a representative of Rhode Island Property & Casualty Insurance Guaranty Association and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.