Overview
What is Georgia Life & Health Insurance Guaranty Association?
Georgia Life & Health Insurance Guaranty Association is a nonprofit organization established to safeguard Georgia residents with life and health insurance policies or annuity contracts from insolvent insurers. When an admitted life and health insurer faces insolvency and liquidation, the association assumes certain contractual obligations to protect policyholders, swiftly canceling cancelable policies and settling non-cancelable ones through reinsurance or sale. The association operates in compliance with OCGA 33-38-1 et seq., providing essential protection to policyholders against the failure to fulfill contractual obligations due to insurer insolvency.
Official website here: www.gaiga.org
Is Georgia Life & Health Insurance Guaranty Association legitimate?
Georgia Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Georgia Life & 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.
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Official website here: www.gaiga.org
What is the mission statement of Georgia Life & Health Insurance Guaranty Association?
The Georgia Life & Health Insurance Guaranty Association was established with a mission to provide certain protections to policyholders of insolvent insurers, in accordance with the state's laws. Its primary objective is to safeguard Georgia residents who own life and health insurance policies, as well as annuity contracts, from failing to meet their contractual obligations due to the insurer's insolvency. In the event of an admitted life and health insurer being declared insolvent and ordered to liquidate, the association assumes certain contractual obligations to protect these policyholders. It endeavors to cancel all cancelable policies and settle all non-cancelable policies as soon as possible after assuming administrative responsibility, either through reinsurance or sale. This is done to ensure that policyholders continue to receive the benefits they are entitled to, even in the face of an insurer's financial instability.
Official website here: www.gaiga.org
Who is the CEO of Georgia Life & Health Insurance Guaranty Association?
Frank Knighton Jr is the Chairman of Georgia Life & Health Insurance Guaranty Association.
Official website here: www.gaiga.org
What is the revenue of Georgia Life & Health Insurance Guaranty Association?
Georgia Life & Health Insurance Guaranty Association's revenue in 2022 was $2,442,191.
Official website here: www.gaiga.org
Who are the executives of Georgia Life & Health Insurance Guaranty Association and what are their salaries?
There 10 volunteers at Georgia Life & Health Insurance Guaranty Association.
Here are 10 key members and their salaries:
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Official website here: www.gaiga.org
Where can I find the form 990 for Georgia Life & Health Insurance Guaranty Association?
Georgia Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.gaiga.org
Learn more at the official website: www.gaiga.org
Mission Statement of Georgia Life & Health Insurance Guaranty Association
The Georgia Life & Health Insurance Guaranty Association was established with a mission to provide certain protections to policyholders of insolvent life and health insurance companies. In accordance with OCGA 33-38-1 et seq., this organization's primary objective is to safeguard Georgia residents who are policyowners, insureds, and beneficiaries of life and health insurance and annuity policies, plans, or contracts against the failure to fulfill contractual obligations due to the insolvency of the insurer.
In the event of an admitted life and health insurer being declared insolvent and ordered to liquidate, the Georgia Life & Health Insurance Guaranty Association assumes certain contractual obligations of that company. This is done to protect the policyholders of the insolvent insurers. The association then works diligently to cancel cancellable policies and settle non-cancellable policies through reinsurance or sale as soon as possible after assuming administrative responsibility for policies of insolvent insurance companies. This proactive approach ensures that Georgia residents are not left in a financially vulnerable position due to the insolvency of their insurer.
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Impact
October, 2024
The Georgia Life & Health Insurance Guaranty Association plays a vital role in safeguarding policyholders in the state against the insolvency of life and health insurers. When an insurer is declared insolvent and enters liquidation, the Association steps in to assume certain contractual obligations, ensuring that Georgia residents, including policy owners, insured individuals, and beneficiaries, are protected from the financial fallout.
By canceling all cancelable policies and working to settle non-cancelable policies through reinsurance or sale, the Association minimizes disruption for those affected. This proactive approach not only helps in maintaining trust in the insurance system but also provides a layer of financial security for policyholders who may otherwise face significant losses. Through its actions, the Association fulfills its mission to protect individuals from the risks associated with insurer insolvency, thereby promoting stability in the insurance market for Georgia residents.
This information is meant to be a general summary of Georgia Life & 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 2022.
- Investment Income: $2,341,247
- Program Service Revenue: $100,944
- Gross Receipts: $2,442,191
Assets and Liabilities:
- Total Assets: $99,779,231
- Total Liabilities: $0
- Net Assets: $99,779,231
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUM RECEIPTS
Revenue
$100,944
Organization Details
Founding Year
1981
Phone
(770) 621-9835Principal Officer
Frank Knighton Jr
Main Address
3700 CRESTWOOD PARKWAY STE 400, DULUTH, GA, 30096
Website
www.gaiga.orgNTEE Category
Code: Y20 - Mutual benefit
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