Overview
What is South Carolina Life And Accident And Health Insurance Guaranty Association?
South Carolina Life and Accident and Health Insurance Guaranty Association is a nonprofit organization, established in compliance with South Carolina law. Their primary role is to ensure the continuation of covered life, health, accident, and annuity contracts when the insurers issuing these policies become insolvent and are placed under a final order of liquidation, rehabilitation, or conservation. This guarantees that policyholders will continue to receive their benefits, providing a safety net in times of financial instability within the insurance industry in South Carolina.
Official website here: www.sclifega.org
Is South Carolina Life And Accident And Health Insurance Guaranty Association legitimate?
South Carolina Life And Accident And Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. South Carolina Life And Accident And 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.
Heare are some key statistics you may want to consider:
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For more financial information, click here
Official website here: www.sclifega.org
What is the mission statement of South Carolina Life And Accident And Health Insurance Guaranty Association?
The South Carolina Life and Accident and Health Insurance Guaranty Association's mission, as stated by law, is to ensure the continuation and payment of benefits for covered life, health, accident, and annuity contracts when the issuing insurance companies become insolvent and are under a final order to liquidate or rehabilitate. In such situations, the association guarantees the protection of policyholders' benefits, thereby safeguarding their financial security. This organization operates under South Carolina law to provide peace of mind for policyholders, ensuring the continuity of their insurance coverage during challenging times.
Official website here: www.sclifega.org
What is the revenue of South Carolina Life And Accident And Health Insurance Guaranty Association?
South Carolina Life And Accident And Health Insurance Guaranty Association's revenue in 2024 was $29,830,247.
Official website here: www.sclifega.org
Who are the executives of South Carolina Life And Accident And Health Insurance Guaranty Association and what are their salaries?
Here are 9 key members and their salaries:
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Official website here: www.sclifega.org
Where can I find the form 990 for South Carolina Life And Accident And Health Insurance Guaranty Association?
South Carolina Life And Accident And Health Insurance Guaranty Association's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.sclifega.org
Learn more at the official website: www.sclifega.org
Mission Statement of South Carolina Life And Accident And Health Insurance Guaranty Association
The South Carolina Life and Accident and Health Insurance Guaranty Association, in accordance with state law, has a mission to ensure the continuation of covered life, health, accident, and annuity contracts when insurers issuing such policies or contracts become insolvent and are under a final order to liquidate or rehabilitate. This nonprofit organization serves as a safety net, guaranteeing the payment of benefits to policyholders in such circumstances, thereby protecting the financial well-being of individuals and families. In essence, the South Carolina Life and Accident and Health Insurance Guaranty Association steps in to safeguard policyholders' interests when their insurers face insolvency, ensuring the continuity of their coverage and benefits.
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Impact
October, 2024
The South Carolina Life and Accident and Health Insurance Guaranty Association plays a crucial role in maintaining consumer confidence in the insurance market. By guaranteeing the payment of benefits and the continuation of covered life, health, accident, and annuity contracts, it provides a safety net for policyholders when their insurers face insolvency. This assurance is vital in protecting individuals and families from the financial hardships that can arise when an insurance company fails.
In the event of an insurer's liquidation or rehabilitation, the Association steps in to fulfill the contractual obligations to the policyholders. This not only supports the affected individuals but also fosters stability within the broader insurance industry by mitigating the risks associated with insurer insolvency. Overall, its impact is significant, ensuring that consumers can rely on their insurance coverage even in challenging circumstances.
This information is meant to be a general summary of South Carolina Life And Accident And 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 2024.
- Investment Income: $657,578
- Program Service Revenue: $29,172,669
- Gross Receipts: $29,830,247
Assets and Liabilities:
- Total Assets: $31,273,191
- Total Liabilities: $0
- Net Assets: $31,273,191
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$28,364,980
PREMIUMS AND REINSURANCE
Revenue
$702,352
DISTRIBUTION FROM LIQUIDATOR
Revenue
$101,017
OTHER INSURANCE DEPOSITS
Revenue
$4,320
Organization Details
Founding Year
1972
Principal Officer
Andrea Bowers
Website
www.sclifega.orgNTEE Category
Code: Y20 - Mutual benefit
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