Overview
What is South Carolina Property And Casualty Insurance Guaranty Assoc?
South Carolina Property and Casualty Insurance Guaranty Associate is a nonprofit organization established to ensure payments for unpaid claims when an insurer issuing various insurance policies, including workers' compensation, automobile, homeowners/farmowners, becomes insolvent and is placed under an order of liquidation. Overseen by the South Carolina Department of Insurance, the organization's primary mission is to make good on unpaid claims and unearned premiums for affected policyholders. This vital association safeguards policyholders' financial interests and helps maintain the stability of the South Carolina insurance market.
Official website here: www.scguaranty.com
Is South Carolina Property And Casualty Insurance Guaranty Assoc legitimate?
South Carolina Property And Casualty Insurance Guaranty Assoc is a legitimate nonprofit organization registered as a 501(c)(6) entity. South Carolina Property And Casualty Insurance Guaranty Assoc 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.scguaranty.com
What is the mission statement of South Carolina Property And Casualty Insurance Guaranty Assoc?
The South Carolina Property and Casualty Insurance Guaranty Association is committed to making payments for unpaid claims on various types of insurance policies when the issuing insurer becomes insolvent and is placed under an order of liquidation. The organization ensures financial security for policyholders by providing coverage for unearned premiums and outstanding claims, including those for workers' compensation, automobile, homeowners/farmowners, and other specific insurance coverage. By performing this function, the Association offers peace of mind to policyholders and protects them from financial hardship during times of insurer instability. The Association is governed by the South Carolina Department of Insurance and is dedicated to safeguarding consumers' interests and maintaining the integrity of the insurance industry.
Official website here: www.scguaranty.com
Who is the CEO of South Carolina Property And Casualty Insurance Guaranty Assoc?
Smitty Harrison is the Chairman of South Carolina Property And Casualty Insurance Guaranty Assoc.
Official website here: www.scguaranty.com
What is the revenue of South Carolina Property And Casualty Insurance Guaranty Assoc?
South Carolina Property And Casualty Insurance Guaranty Assoc's revenue in 2022 was $43,567,997.
Official website here: www.scguaranty.com
Who are the executives of South Carolina Property And Casualty Insurance Guaranty Assoc and what are their salaries?
Here are 14 key members and their salaries:
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- Related: $327,672
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- Related: $234,958
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Official website here: www.scguaranty.com
Where can I find the form 990 for South Carolina Property And Casualty Insurance Guaranty Assoc?
South Carolina Property And Casualty Insurance Guaranty Assoc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.scguaranty.com
Learn more at the official website: www.scguaranty.com
Mission Statement of South Carolina Property And Casualty Insurance Guaranty Assoc
The South Carolina Property and Casualty Insurance Guaranty Associatio serves a vital role in ensuring financial security for policyholders when their insurer becomes insolvent. This nonprofit organization is governed by the South Carolina Department of Insurance and is dedicated to making payments for unpaid claims on various lines of insurance, including workers' compensation, automobile, homeowners/farmowners, and other specific insurance coverage types.
When an insurer issuing such policies faces financial instability and is placed under an order of liquidation, the South Carolina Property and Casualty Insurance Guaranty Associatio steps in to provide relief. The association's mission is to provide peace of mind for policyholders by assuming the responsibility of paying outstanding claims and unearned premiums that would otherwise go unpaid. By doing so, the organization protects individuals and businesses from financial hardship during times of insurer insolvency.
Through its commitment to financial stability and security, the South Carolina Property and Casualty Insurance Guaranty Associatio plays a crucial role in maintaining confidence in the insurance industry. By making payments for unpaid claims, the association not only protects policyholders but also helps maintain the financial integrity of the insurance market. The organization's mission is a testament to its dedication to the well-being of policyholders and the insurance industry as a whole.
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Impact
October, 2024
The South Carolina Property and Casualty Insurance Guaranty Association plays a crucial role in maintaining stability and public trust in the insurance market. When an insurance company becomes insolvent and is placed under an order of liquidation, this association steps in to ensure that policyholders are protected. It makes payments for unpaid claims, including unearned premiums across various lines of insurance such as workers' compensation, automobile, and homeowners/farmowners coverage.
By handling these claims, the association mitigates the financial impact on affected policyholders, providing them with a safety net during distressing circumstances. This support not only safeguards individual interests but also contributes to the overall confidence in the insurance industry in South Carolina, ensuring that consumers can rely on their coverage even when an insurer fails. Governed by the South Carolina Department of Insurance, the association reinforces the integrity and reliability of the insurance system in the state.
This information is meant to be a general summary of South Carolina Property And Casualty Insurance Guaranty Assoc. 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: $142,978
- Program Service Revenue: $43,425,019
- Gross Receipts: $43,567,997
Assets and Liabilities:
- Total Assets: $58,568,404
- Total Liabilities: $0
- Net Assets: $58,568,404
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$34,891,396
RECOVERY FROM CONSERVATORS
Revenue
$8,533,623
Organization Details
Founding Year
1971
Phone
(803) 744-4326Principal Officer
Smitty Harrison
Main Address
PO BOX 407, COLUMBIA, SC, 29202
Website
www.scguaranty.comNTEE Category
Code: Y20 - Mutual benefit
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