Overview
What is District Of Columbia Life & Health Insurance Guaranty Association?
The District of Columbia Life & Health Insurance Guaranty Association is a statutory association established in accordance with Chapter 54 of Title 31-5401 of the District of Columbia's code. Its primary mission is to safeguard policyholders, owners, and beneficiaries from financial losses caused by the insolvency of life, health, or annuity insurance companies operating within the District of Columbia. By assessing and collecting costs among these insurers, the association ensures it has the necessary funds to honor the covered obligations of insolvent companies, thereby fulfilling their contractual responsibilities.
Official website here: www.dclifega.org
Is District Of Columbia Life & Health Insurance Guaranty Association legitimate?
District Of Columbia Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. District Of Columbia Life & 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.
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For more financial information, click here
Official website here: www.dclifega.org
What is the mission statement of District Of Columbia Life & Health Insurance Guaranty Association?
The District of Columbia Life & Health Insurance Guaranty Association was established with a mission to fulfill contractual obligations to policyholders, owners, and beneficiaries in the event of an insolvent life and health insurance company. This association was formed under the District of Columbia's code to provide financial protection from losses due to insurer insolvency. It assesses and collects costs related to insolvency among licensed insurance companies operating in the District of Columbia, acting as a safeguard for policyholders in such instances.
Official website here: www.dclifega.org
Who is the CEO of District Of Columbia Life & Health Insurance Guaranty Association?
Elizabeth Hoffman is the Board Chair of District Of Columbia Life & Health Insurance Guaranty Association.
Official website here: www.dclifega.org
What is the revenue of District Of Columbia Life & Health Insurance Guaranty Association?
District Of Columbia Life & Health Insurance Guaranty Association's revenue in 2023 was $503,175.
Official website here: www.dclifega.org
Who are the executives of District Of Columbia Life & Health Insurance Guaranty Association and what are their salaries?
Here are 10 key members and their salaries:
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Official website here: www.dclifega.org
Where can I find the form 990 for District Of Columbia Life & Health Insurance Guaranty Association?
District Of Columbia Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.dclifega.org
Learn more at the official website: www.dclifega.org
Mission Statement of District Of Columbia Life & Health Insurance Guaranty Association
The District of Columbia Life & Health Insurance Guaranty Association was established with a mission to fulfill contractual obligations towards policyholders, owners, and beneficiaries of insolvent life and health insurance companies. This nonprofit organization was formed in accordance with the District of Columbia's code, with the primary aim of providing financial protection to individuals against potential losses resulting from the insolvency of insurance providers. The Association operates under the jurisdiction of Chapter 54 of Title 31-5401 of the Code of the District of Columbia, and its primary function is to assess and collect necessary costs among insurance companies licensed within the District of Columbia. In doing so, the District of Columbia Life & Health Insurance Guaranty Association plays a crucial role in maintaining financial stability and peace of mind for policyholders in the event of an insurance company's insolvency.
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Impact
October, 2024
The District of Columbia Life & Health Insurance Guaranty Association plays a crucial role in safeguarding policyholders and beneficiaries from the financial ramifications of insurance company insolvency. By ensuring the continuation of covered obligations, it provides vital protection against potential financial losses resulting from the insolvency of life, health, or annuity insurers.
When an insurer becomes insolvent, the Association steps in to fulfill its contractual obligations to policyholders, owners, and beneficiaries, thereby instilling confidence in the insurance market. This mechanism not only protects individuals but also maintains overall stability within the insurance industry in the District of Columbia.
By assessing and collecting costs among licensed insurers, the Association distributes the financial burden of insolvency, further safeguarding consumers and reinforcing a community resilient to economic uncertainties. Overall, its impact is significant in promoting trust within the insurance sector and ensuring that policyholders receive the benefits they are entitled to, even in challenging situations.
This information is meant to be a general summary of District Of Columbia Life & 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 2023.
- Investment Income: $15,983
- Program Service Revenue: $487,192
- Gross Receipts: $503,175
Assets and Liabilities:
- Total Assets: $823,966
- Total Liabilities: $0
- Net Assets: $823,966
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENT FROM MEMBER
Revenue
$405,500
LIQUIDATOR DISTRIBUTIO
Revenue
$81,692
Organization Details
Founding Year
1992
Phone
(410) 248-0407Principal Officer
Elizabeth Hoffman
Main Address
6210 GUARDIAN GATEWAY 195, ABERDEEN, MD, 21005
Website
www.dclifega.orgNTEE Category
Code: S40 - Community improvement
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