Overview
What is Florida Workers'Compensation Insurance Guaranty Association Inc?
Florida Workers'Compensation Insurance Guaranty Association Inc is a nonprofit organization situated in Tallahassee, Florida. Its primary role is to ensure the payment of covered workers' compensation claims when insurers providing coverage in Florida become insolvent. The association accomplishes this by levying assessments on solvent members, calculated based on a percentage of their direct written premiums for workers' compensation coverages. These assessments are then used to cover the claims of the insolvent members. The organization also works towards detecting and preventing insurer insolvencies. With around 15 employees, Florida Workers'Compensation Insurance Guaranty Association Inc plays a significant role in safeguarding the financial security of workers' compensation claimants in Florida. In 2022, the association managed to pay out 604 claims on behalf of insolvent members.
Official website here: www.fwciga.org
Is Florida Workers'Compensation Insurance Guaranty Association Inc legitimate?
Florida Workers'Compensation Insurance Guaranty Association Inc is a legitimate nonprofit organization registered as a 501(c)(6) entity. Florida Workers'Compensation Insurance Guaranty Association Inc 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: $214,599
Professional Fundraising Fees: $0
Other Salaries and Wages: $608,070
For more financial information, click here
Official website here: www.fwciga.org
What is the mission statement of Florida Workers'Compensation Insurance Guaranty Association Inc?
The Florida Workers'Compensation Insurance Guaranty Association Inc has a mission to establish a mechanism for the payment of covered workers' compensation claims for insolvent insurers and to assist in the detection and prevention of insurer insolvencies. This organization aims to safeguard the financial security of workers who have suffered work-related injuries, ensuring they receive their due benefits, even when their original insurance provider becomes insolvent. By levying assessments on solvent members based on their premiums, the association accumulates funds to pay claims against insolvent members. As of 2022, the association has paid out 604 claims.
Official website here: www.fwciga.org
Who is the CEO of Florida Workers'Compensation Insurance Guaranty Association Inc?
Corey Neal is the Chairman of Florida Workers'Compensation Insurance Guaranty Association Inc.
Official website here: www.fwciga.org
What is the revenue of Florida Workers'Compensation Insurance Guaranty Association Inc?
Florida Workers'Compensation Insurance Guaranty Association Inc's revenue in 2022 was $8,796,054.
Official website here: www.fwciga.org
Who are the executives of Florida Workers'Compensation Insurance Guaranty Association Inc and what are their salaries?
The average compensation at Florida Workers'Compensation Insurance Guaranty Association Inc during 2022 was $54,845. There are 15 employees and 11 volunteers at Florida Workers'Compensation Insurance Guaranty Association Inc.
Here are 13 key members and their salaries:
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- Other: $23,896
- Compensation: $109,567
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- Other: $34,994
Official website here: www.fwciga.org
Where can I find the form 990 for Florida Workers'Compensation Insurance Guaranty Association Inc?
Florida Workers'Compensation Insurance Guaranty Association Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fwciga.org
Learn more at the official website: www.fwciga.org
Mission Statement of Florida Workers'Compensation Insurance Guaranty Association Inc
Florida Workers'Compensation Insurance Guaranty Association Inc is committed to providing a solution for the payment of covered workers' compensation claims when the insurer responsible becomes insolvent. Their mission extends beyond just payment; they also play a crucial role in the detection and prevention of such insolvencies. By levying assessments on solvent members based on their direct written premiums for workers' compensation coverages, the Association can estimate the potential claims from insolvent members and use the funds to cover these claims. In 2022, they successfully paid out 604 claims, demonstrating their effectiveness in fulfilling their mission. The Association is composed of approximately 406 members, all of whom provide workers' compensation coverages in Florida, highlighting their significant role in ensuring financial security for workers in the state.
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Impact
October, 2024
Florida Workers' Compensation Insurance Guaranty Association Inc (FWCIGA) plays a vital role in the stability of the workers' compensation system in Florida by ensuring that covered claims from insolvent insurers are paid. This mechanism provides peace of mind for workers who rely on these benefits, protecting them against the financial ramifications of an insurer's insolvency.
FWCIGA is supported by assessments levied on solvent insurers, which are calculated based on a percentage of their direct written premiums for workers' compensation coverage. This system of assessment helps maintain the integrity of the insurance market by creating a fund that can promptly address claims from insolvent members. In 2022 alone, FWCIGA paid out 604 claims, demonstrating its active role in safeguarding workers' rights and benefits.
By assisting in the detection and prevention of insurer insolvencies, FWCIGA contributes not only to the individual welfare of workers but also to the overall health of the workers' compensation insurance market in Florida. With approximately 406 member insurers, FWCIGA fosters a collaborative environment among insurers, ensuring that they remain vigilant in their operations to prevent insolvency, ultimately benefiting both the industry and the workforce.
This information is meant to be a general summary of Florida Workers'Compensation Insurance Guaranty Association Inc. 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: $1,145,811
- Program Service Revenue: $1,248,756
- Gross Receipts: $14,359,138
Assets and Liabilities:
- Total Assets: $153,086,185
- Total Liabilities: $58,015
- Net Assets: $153,028,170
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$1,248,756
Organization Details
Founding Year
1998
Phone
(850) 386-9200Principal Officer
Corey Neal
Main Address
PO BOX 15159, TALLAHASSEE, FL, 323175159
Website
www.fwciga.orgNTEE Category
Code: Y20 - Mutual benefit
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