Overview
What is Mississippi Life & Health Insurance Guaranty Association?
Mississippi Life & Health Insurance Guaranty Association is a nonprofit entity established to safeguard policyholders, beneficiaries, annuitants, and other relevant parties against the non-fulfillment of contractual obligations by insolvent insurance companies operating in Mississippi. Acting as a guarantor, the association ensures financial stability by providing coverage for life insurance policies, health insurance policies, immediate or deferred annuity contracts, and supplemental contracts. In the event of an insolvent member insurer, the association steps in to fulfill the obligations, thereby protecting policyholders and beneficiaries from financial loss.
Official website here: www.mslifega.org
Is Mississippi Life & Health Insurance Guaranty Association legitimate?
Mississippi Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Mississippi 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $251,992
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mslifega.org
What is the mission statement of Mississippi Life & Health Insurance Guaranty Association?
The Mississippi Life & Health Insurance Guaranty Association is a nonprofit entity with a mission to safeguard policyholders, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, immediate or deferred annuity contracts, and supplemental contracts. This organization operates to protect these individuals from the failure to fulfill contractual obligations due to the impairment or insolvency of a member insurance company operating within the state of Mississippi. The association ensures that policyholders and contract holders receive the benefits they are entitled to, thereby maintaining trust and stability in the insurance industry.
Official website here: www.mslifega.org
Who is the CEO of Mississippi Life & Health Insurance Guaranty Association?
Bryan Lagg is the Chairman of Mississippi Life & Health Insurance Guaranty Association.
Official website here: www.mslifega.org
What is the revenue of Mississippi Life & Health Insurance Guaranty Association?
Mississippi Life & Health Insurance Guaranty Association's revenue in 2022 was $2,194,755.
Official website here: www.mslifega.org
Who are the executives of Mississippi Life & Health Insurance Guaranty Association and what are their salaries?
Here are 8 key members and their salaries:
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- Compensation: $256,542
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- Other: $4,242
Official website here: www.mslifega.org
Where can I find the form 990 for Mississippi Life & Health Insurance Guaranty Association?
Mississippi Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mslifega.org
Learn more at the official website: www.mslifega.org
Mission Statement of Mississippi Life & Health Insurance Guaranty Association
Mississippi Life & Health Insurance Guaranty Association, a nonprofit entity, is established with a mission to safeguard policyholders, beneficiaries, annuitants, payees, and assignees in the state of Mississippi. This organization operates under the mandate to shield individuals from the consequences of contractual obligations not being met due to the financial instability or insolvency of insurance companies that have issued life insurance policies, health insurance policies, immediate or deferred annuity contracts, and supplemental contracts. In essence, Mississippi Life & Health Insurance Guaranty Association serves as a shield, ensuring that policyholders and their beneficiaries are protected against the failure of insurance companies to fulfill their contractual obligations.
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Impact
October, 2024
The Mississippi Life & Health Insurance Guaranty Association serves as a crucial safety net for policyholders, beneficiaries, annuitants, and payees within the state. By acting as a guarantor for insurance companies operating in Mississippi, it ensures that individuals are protected against the potential risks associated with the insolvency of these insurers.
This association plays a vital role in maintaining consumer confidence by providing reassurance that in the event of an insurer's failure to uphold contractual obligations, policyholders will still receive the benefits they are entitled to. It encompasses a wide range of insurance products, safeguarding life insurance policies, health insurance policies, and annuity contracts.
Its mission directly impacts the financial security of thousands of residents, fostering stability in the insurance market and guaranteeing that individuals and families are not left vulnerable due to the unfortunate decline of an insurance provider. Ultimately, the Mississippi Life & Health Insurance Guaranty Association enhances the overall integrity of the insurance industry in the state, ensuring that citizens can rely on the protection their policies offer.
This information is meant to be a general summary of Mississippi 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: $102,231
- Program Service Revenue: $2,092,524
- Gross Receipts: $2,194,755
Assets and Liabilities:
- Total Assets: $33,918,955
- Total Liabilities: $0
- Net Assets: $33,918,955
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RECOVERIES
Revenue
$1,699,623
ASSESSMENTS
Revenue
$392,901
Organization Details
Founding Year
1985
Phone
(601) 981-3471Principal Officer
Bryan Lagg
Main Address
POST OFFICE BOX 4562, JACKSON, MS, 39216
Website
www.mslifega.orgNTEE Category
Code: Y20 - Mutual benefit
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