Overview
What is National Organization Of Life And Health Insurance Guaranty Assocs?
The National Organization of Life and Health Insurance Guaranty Associations, commonly known as NOLHGA, is a nonprofit organization based in Herndon, Virginia. Comprising the life and health insurance guaranty associations of all 50 states and the District of Columbia, NOLHGA serves as a collaborative platform to coordinate and represent the interests of its member associations in multi-state insurer insolvencies. Its primary role involves collecting and disseminating information about impairments and insolvencies in the life and health insurance sector. During the year, NOLHGA acts as a national clearinghouse, facilitating the transfer of funds, resolving issues, and coordinating actions to address problems facing these companies. It also provides a platform for members to analyze operational issues and arrange claims processing, reinsurance bids, and audits of financially struggling or insolvent companies. In addition, NOLHGA disseminates publications and reports, such as the NOLHGA Wire, Journal, GA Update, Year-End Report, and insolvency updates, to keep its members informed. With a workforce of 17, NOLHGA plays a vital role in ensuring financial stability and regulatory compliance within the life and health insurance industry.
Official website here: www.nolhga.com
Is National Organization Of Life And Health Insurance Guaranty Assocs legitimate?
National Organization Of Life And Health Insurance Guaranty Assocs is a legitimate nonprofit organization registered as a 501(c)(6) entity. National Organization Of Life And Health Insurance Guaranty Assocs 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: $2,496,274
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,702,466
For more financial information, click here
Official website here: www.nolhga.com
What is the mission statement of National Organization Of Life And Health Insurance Guaranty Assocs?
The National Organization of Life and Health Insurance Guaranty Associations (NOLHGA) is a voluntary organization comprising the life and health insurance guaranty associations from all 50 U.S. states and the District of Columbia. Its primary purpose is to collaborate and represent the interests of its member associations in handling multi-state insurer insolvencies. In times of life and health insurance company impairments and insolvencies, NOLHGA serves as a national resource, disseminating relevant information and facilitating the transfer of funds and resolution of issues. The organization also provides a platform for member associations to analyze operational challenges, arranges claims processing, coordinates reinsurance bids, and conducts audits of financially distressed companies. NOLHGA publishes various resources, including reports, updates, and directories, to support its member associations in their operations.
Official website here: www.nolhga.com
Who is the CEO of National Organization Of Life And Health Insurance Guaranty Assocs?
Peter Gallanis is the President of National Organization Of Life And Health Insurance Guaranty Assocs.
Official website here: www.nolhga.com
What is the revenue of National Organization Of Life And Health Insurance Guaranty Assocs?
National Organization Of Life And Health Insurance Guaranty Assocs's revenue in 2022 was $6,898,114.
Official website here: www.nolhga.com
Who are the executives of National Organization Of Life And Health Insurance Guaranty Assocs and what are their salaries?
The average compensation at National Organization Of Life And Health Insurance Guaranty Assocs during 2022 was $246,985. There are 17 employees at National Organization Of Life And Health Insurance Guaranty Assocs.
Here are 24 key members and their salaries:
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- Compensation: $186,169
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- Compensation: $171,557
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- Other: $51,871
- Compensation: $167,513
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- Other: $14,921
Official website here: www.nolhga.com
Where can I find the form 990 for National Organization Of Life And Health Insurance Guaranty Assocs?
National Organization Of Life And Health Insurance Guaranty Assocs's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nolhga.com
Learn more at the official website: www.nolhga.com
Mission Statement of National Organization Of Life And Health Insurance Guaranty Assocs
The National Organization of Life and Health Insurance Guaranty Associations, often referred to as NOLHGA, is a collaborative body formed by the life and health insurance guaranty associations of all 50 states and the District of Columbia. Its primary purpose is to coordinate and represent the interests of its member associations in instances of multi-state insurer insolvencies. NOLHGA serves as a central hub, disseminating information related to life and health insurance company impairments and insolvencies. It functions as a national clearinghouse, facilitating the transfer of funds and resolving issues facing these companies. By providing a forum for analysis of operational issues, NOLHGA assists its members in addressing the challenges they encounter. Additionally, NOLHGA takes action on behalf of its state guaranty associations, arranging claims processing, collecting and analyzing reinsurance bids, and coordinating audits of impaired or insolvent companies' financial status.
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Impact
October, 2024
The National Organization of Life and Health Insurance Guaranty Associations (NOLHGA) plays a critical role in maintaining the stability of the life and health insurance sectors across the United States. By acting as a coordinating body for the guaranty associations in all 50 states and the District of Columbia, NOLHGA ensures that member organizations can effectively manage and respond to multi-state insurance company insolvencies.
NOLHGA serves as a vital clearinghouse for essential information about life and health insurance company impairments. This includes the dissemination of data on insolvencies, which allows member associations to better understand the landscape and act accordingly. By collecting and analyzing reinsurance bids, coordinating audits of financially troubled insurers, and facilitating claims processing, NOLHGA mitigates the impact of insolvencies on policyholders.
Moreover, the organization provides an essential forum for its members to discuss and analyze operational challenges within the industry. By publishing a range of materials such as the NOLHGA Wire and the NOLHGA Year-End Report, it keeps stakeholders informed about the latest developments, insolvency statistics, and best practices, fostering transparency and collaboration among the states.
In summary, NOLHGA's impact extends beyond its immediate activities; it enhances the overall resilience of the life and health insurance systems in the U.S., ultimately protecting consumers and maintaining public confidence in the insurance marketplace.
This information is meant to be a general summary of National Organization Of Life And Health Insurance Guaranty Assocs. 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: $88,213
- Program Service Revenue: $6,801,101
- Gross Receipts: $6,898,114
Assets and Liabilities:
- Total Assets: $15,413,326
- Total Liabilities: $8,763,412
- Net Assets: $6,649,914
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Membership Dues
Revenue
$3,315,655
Allocated Internal Expenses
Revenue
$3,290,626
Meeting Income
Revenue
$194,820
Organization Details
Founding Year
1996
Phone
(703) 481-5206Principal Officer
Peter Gallanis
Main Address
13873 PARK CENTER ROAD SUITE 505, HERNDON, VA, 201713247
Website
www.nolhga.comNTEE Category
Code: S40 - Community improvement
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