Overview
What is Property & Casualty Insurance Guaranty Corporation?
Property & Casualty Insurance Guaranty Corporation, based in Towson, Maryland, is a nonprofit organization with a 40-year history. Their primary mission is to safeguard Maryland residents from financial losses resulting from the insolvency of property and casualty insurance companies. They achieve this by assessing the liabilities of affected insurers and ensuring prompt claim settlements. With a membership of approximately 966 licensed Maryland direct writers of property and casualty insurance, the corporation prides itself on adhering to principles of legality, objectivity, and due diligence, ensuring competency, fairness, and transparency in all its actions. The organization currently employs 16 individuals.
Official website here: www.pcigc.com
Is Property & Casualty Insurance Guaranty Corporation legitimate?
Property & Casualty Insurance Guaranty Corporation is a legitimate nonprofit organization registered as a 501(c)(6) entity. Property & Casualty Insurance Guaranty Corporation 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: $610,979
Professional Fundraising Fees: $0
Other Salaries and Wages: $506,819
For more financial information, click here
Official website here: www.pcigc.com
What is the mission statement of Property & Casualty Insurance Guaranty Corporation?
The Property & Casualty Insurance Guaranty Corporation's mission is centered around safeguarding Maryland residents from financial losses resulting from insurers' insolvency. The organization operates by assessing financially stable, licensed property and casualty insurers in the state for the costs associated with insolvent companies. With a track record of over 40 years, the corporation has demonstrated its commitment to this mission by handling claims and litigation arising from insolvent insurance companies. The Guaranty Corporation adheres to principles of legality, objectivity, and due diligence to ensure a fair and transparent process in protecting Maryland residents, thereby promoting competence and fairness in its actions.
Official website here: www.pcigc.com
Who is the CEO of Property & Casualty Insurance Guaranty Corporation?
Deborah A Price is the Chair of Property & Casualty Insurance Guaranty Corporation.
Official website here: www.pcigc.com
What is the revenue of Property & Casualty Insurance Guaranty Corporation?
Property & Casualty Insurance Guaranty Corporation's revenue in 2022 was $5,083,491.
Official website here: www.pcigc.com
Who are the executives of Property & Casualty Insurance Guaranty Corporation and what are their salaries?
The average compensation at Property & Casualty Insurance Guaranty Corporation during 2022 was $69,862. There are 16 employees and 9 volunteers at Property & Casualty Insurance Guaranty Corporation.
Here are 12 key members and their salaries:
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- Compensation: $105,997
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- Compensation: $110,628
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- Other: $50,750
Official website here: www.pcigc.com
Where can I find the form 990 for Property & Casualty Insurance Guaranty Corporation?
Property & Casualty Insurance Guaranty Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.pcigc.com
Learn more at the official website: www.pcigc.com
Mission Statement of Property & Casualty Insurance Guaranty Corporation
Property & Casualty Insurance Guaranty Corporation, abbreviated as PCIGC, is dedicated to safeguarding Maryland residents from financial losses due to the insolvency of property and casualty insurance companies. The organization's mission is to ensure that licensed insurers in Maryland bear the costs associated with insolvent companies, thereby protecting the residents of the state. With a history spanning over four decades, PCIGC has demonstrated a commendable track record of handling claims and litigation stemming from insolvent property and casualty insurance companies.
The corporation operates under a set of principles that promote legality, objectivity, and due diligence. These principles serve as the foundation for creating an environment that fosters competency, fairness, and transparency in all of its actions. PCIGC's membership comprises approximately 966 licensed direct writers of property and casualty insurance in Maryland. The corporation's primary role is to maintain the financial stability of the insurance industry in the state, thereby providing a safety net for its residents when faced with the financial consequences of insolvent insurance companies.
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Impact
October, 2024
The Property & Casualty Insurance Guaranty Corporation plays a crucial role in safeguarding Maryland residents from financial losses due to the insolvency of insurance companies. With a strong track record spanning over 40 years, it efficiently handles claims and litigation related to insolvent property and casualty insurers. By ensuring that policyholders are compensated even when their insurers fail, the corporation fosters trust and stability in the insurance market.
This organization comprises approximately 966 licensed direct writers of property and casualty insurance in Maryland, which strengthens its ability to assess costs fairly and efficiently. The corporation's adherence to principles of legality, objectiveness, and due diligence ensures that its operations are transparent and fair, ultimately promoting a climate of competency within the insurance sector.
Through its protective measures, the Property & Casualty Insurance Guaranty Corporation not only mitigates the financial impact of insurer insolvencies but also enhances consumer confidence in the insurance system, benefiting both residents and the overall market environment in Maryland.
This information is meant to be a general summary of Property & Casualty Insurance Guaranty Corporation. 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: $370,059
- Program Service Revenue: $4,713,432
- Gross Receipts: $5,083,491
Assets and Liabilities:
- Total Assets: $21,273,139
- Total Liabilities: $57,318,869
- Net Assets: -$36,045,730
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INSOLVENCY RECOUPMENT
Revenue
$4,713,432
Organization Details
Founding Year
1986
Phone
(410) 296-1620Principal Officer
Deborah A Price
Main Address
305 WASHINGTON AVENUE 600, TOWSON, MD, 21204
Website
www.pcigc.comNTEE Category
Code: Y20 - Mutual benefit
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