Overview
What is North Carolina Joint Underwriting Association?
The North Carolina Joint Underwriting Association is a Raleigh-based nonprofit organization established in 1969. Its primary mission is to act as a market of last resort, providing property insurance to individuals and businesses who have been unable to purchase it in the standard insurance market. All property and casualty insurance companies operating in North Carolina are statutorily required to participate in funding the Association's operations and share in its losses on a pro rata basis. The Association is not an agency of the state government but is regulated by the North Carolina Commissioner of Insurance. With a workforce of 177 employees, it plays a crucial role in ensuring insurance coverage for those who might not otherwise have access to it.
Official website here: www.ncjua-nciua.org
Is North Carolina Joint Underwriting Association legitimate?
North Carolina Joint Underwriting Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. North Carolina Joint Underwriting 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: $1,134,447
Professional Fundraising Fees: $0
Other Salaries and Wages: $5,749,342
For more financial information, click here
Official website here: www.ncjua-nciua.org
What is the mission statement of North Carolina Joint Underwriting Association?
The North Carolina Joint Underwriting Association was established in 1969 as a market of last resort to provide property insurance for individuals and businesses struggling to obtain it in the standard insurance market. All property and casualty insurance companies operating in North Carolina are mandated by law to participate in funding the association's operations, and they share in its losses proportionally. The association does not function as a government agency, but it is regulated by the North Carolina Commissioner of Insurance. Its primary mission is to ensure that those unable to secure insurance coverage have access to it, thereby protecting the residents and businesses of North Carolina.
Official website here: www.ncjua-nciua.org
Who is the CEO of North Carolina Joint Underwriting Association?
Dianne Hardy is the CEO of North Carolina Joint Underwriting Association The CEO's salary of North Carolina Joint Underwriting Association is $568,283 and their total compensation is $614,392.
Official website here: www.ncjua-nciua.org
What is the revenue of North Carolina Joint Underwriting Association?
North Carolina Joint Underwriting Association's revenue in 2024 was $232,772,463.
Official website here: www.ncjua-nciua.org
Who are the executives of North Carolina Joint Underwriting Association and what are their salaries?
The average compensation at North Carolina Joint Underwriting Association during 2024 was $32,780. There are 210 employees at North Carolina Joint Underwriting Association.
Here are 27 key members and their salaries (North Carolina Joint Underwriting Association's CEO's salary is $568,283 and their total compensation is $614,392):
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- Compensation: $568,283
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- Compensation: $422,335
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- Other: $50,785
- Compensation: $230,158
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- Other: $38,674
- Compensation: $319,337
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- Other: $50,243
- Compensation: $282,847
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- Compensation: $278,925
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- Other: $32,018
- Compensation: $259,849
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- Other: $39,854
- Compensation: $247,759
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- Other: $25,899
- Compensation: $211,255
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- Other: $38,303
- Compensation: $191,248
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- Other: $12,101
- Compensation: $188,177
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- Other: $43,343
Official website here: www.ncjua-nciua.org
Where can I find the form 990 for North Carolina Joint Underwriting Association?
North Carolina Joint Underwriting Association's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.ncjua-nciua.org
Learn more at the official website: www.ncjua-nciua.org
Mission Statement of North Carolina Joint Underwriting Association
The North Carolina Joint Underwriting Association, established in 1969, serves as a safety net for individuals and businesses in North Carolina who are unable to purchase property insurance in the standard market. When access to insurance is denied due to various risk factors, the Association steps in to provide coverage. All property and casualty insurance companies operating in North Carolina are mandated by state law to contribute to the Association's operations and share in its losses on a pro rata basis. The Association operates independently from the state government but is subject to regulation by the North Carolina Commissioner of Insurance. Its mission is to extend a helping hand to those who may be overlooked by the traditional insurance market, ensuring they do not go without essential property insurance protection.
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Impact
October, 2024
The North Carolina Joint Underwriting Association (NCJUA) serves as a crucial safety net for individuals and businesses that struggle to obtain property insurance through traditional markets. Established in 1969 by the North Carolina General Assembly, NCJUA operates as a market of last resort. It effectively ensures that those excluded from standard insurance options due to high-risk profiles or unique situations still have access to necessary coverage.
By requiring all property and casualty insurance companies operating in the state to participate in funding its operations, NCJUA creates a collective approach to managing risk. This shared responsibility not only stabilizes the insurance market in North Carolina but also mitigates financial losses among insurers on a pro-rata basis. As a result, the association plays a significant role in promoting economic stability by enabling property ownership and business operations, even for those who might otherwise be left uninsured.
Moreover, NCJUA is regulated by the North Carolina Commissioner of Insurance, ensuring a framework that maintains oversight and accountability. This regulatory structure fortifies the trust in the system, allowing individuals and businesses to secure property insurance, which is essential for safeguarding their investments and facilitating growth within the community.
Overall, the NCJUA positively impacts North Carolina's insurance landscape by providing equitable access to property insurance and fostering a more inclusive market.
This information is meant to be a general summary of North Carolina Joint Underwriting 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 2024.
- Investment Income: $6,916,921
- Program Service Revenue: $225,856,729
- Gross Receipts: $256,800,038
Assets and Liabilities:
- Total Assets: $138,408,796
- Total Liabilities: $116,322,730
- Net Assets: $22,086,066
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUMS EARNED
Revenue
$225,856,729
Organization Details
Founding Year
1969
Principal Officer
Dianne Hardy
Website
www.ncjua-nciua.orgNTEE Category
Code: Y20 - Mutual benefit
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