Overview
What is Georgia Insurers Insolvency Pool?
Georgia Insurers Insolvency Pool is a protective mechanism established to safeguard Georgia resident policyholders and claimants from the non-fulfillment of contractual obligations due to the insolvency of authorized insurance companies. This nonprofit, located in Duluth, Georgia, was established in accordance with OCGA 33-36-1 et seq. In the event of an insolvent insurer being declared and ordered into liquidation, the pool assumes certain contractual obligations to shield Georgia residents. Its mission is to offer a level of security to policyholders and claimants, ensuring they are not left vulnerable during such challenging circumstances.
Is Georgia Insurers Insolvency Pool legitimate?
Georgia Insurers Insolvency Pool is a legitimate nonprofit organization registered as a 501(c)(6) entity. Georgia Insurers Insolvency Pool 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
What is the mission statement of Georgia Insurers Insolvency Pool?
The Georgia Insurers Insolvency Pool was established with a mission to offer certain protections to policyholders and claimants of insolvent insurance companies, in accordance with OCGA 33-36-1 et seq. This entity's primary goal is to shield Georgia residents from the consequences of contractual obligations not being fulfilled due to an insurance company's insolvency. When an admitted insurer is declared bankrupt and ordered into liquidation, the pool is obligated to step in and fulfill some of the company's contractual obligations, thereby safeguarding the interests of the residents of Georgia.
Who is the CEO of Georgia Insurers Insolvency Pool?
Frank Knighton Jr is the Chairman of Georgia Insurers Insolvency Pool.
What is the revenue of Georgia Insurers Insolvency Pool?
Georgia Insurers Insolvency Pool's revenue in 2022 was $7,998,701.
Who are the executives of Georgia Insurers Insolvency Pool and what are their salaries?
There 9 volunteers at Georgia Insurers Insolvency Pool.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Georgia Insurers Insolvency Pool?
Georgia Insurers Insolvency Pool's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Georgia Insurers Insolvency Pool
The Georgia Insurers Insolvency Pool, established in accordance with OCGA 33-36-1 et seq., was established with a mission to provide certain protections to policyholders of insolvent insurers. Its primary objective is to safeguard Georgia resident policyholders and claimants against the failure to fulfill contractual obligations due to the insolvency of an authorized insurance company. When an admitted insurer is declared insolvent and ordered into liquidation, the Pool is required to fulfill certain contractual obligations of that company to shield Georgia residents from potential financial losses. By undertaking this role, the Georgia Insurers Insolvency Pool plays a crucial part in maintaining stability and trust in the insurance industry for policyholders in the state.
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Impact
October, 2024
The Georgia Insurers Insolvency Pool plays a crucial role in safeguarding policyholders in the event that their insurance providers become insolvent. When an admitted insurer is declared insolvent and enters liquidation, the Pool steps in to fulfill certain contractual obligations of that insurer. This mechanism ensures that Georgia residents who hold policies with affected companies are still protected, allowing them to recover claims that might otherwise go unpaid due to the insurer’s financial failure.
By providing these protections, the Pool helps maintain stability within the insurance market, fostering trust among policyholders. Individuals can feel confident that even in the face of an insurer’s insolvency, there are systems in place to support them and uphold their rights as consumers. This system not only benefits policyholders and claimants, but also contributes to the overall health of the insurance industry in Georgia by mitigating the broader impacts of individual company failures.
This information is meant to be a general summary of Georgia Insurers Insolvency Pool. 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: $1,984,525
- Program Service Revenue: $6,014,176
- Gross Receipts: $7,998,701
Assets and Liabilities:
- Total Assets: $146,687,274
- Total Liabilities: $0
- Net Assets: $146,687,274
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LIQUIDATION PROCEEDS
Revenue
$6,014,176
Organization Details
Founding Year
1970
Phone
(770) 621-9835Principal Officer
Frank Knighton Jr
Main Address
3700 CRESTWOOD PARKWAY STE 400, DULUTH, GA, 30096
NTEE Category
Code: Y20 - Mutual benefit
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