Overview
What is Kentucky Automobile Insurance Plan?
Kentucky Automobile Insurance Plan is a nonprofit organization situated in Louisville, Kentucky. Its primary mission is to establish a safety net for high-risk motorists, enabling them to secure auto insurance coverage. By doing so, the plan redistributes the risk among insurers operating within Kentucky, thereby ensuring that these individuals can drive legally and safely. The plan's activities focus on providing residual market mechanisms for both personal and commercial vehicle insurance, thereby extending coverage options to individuals who might otherwise struggle to secure it.
Official website here: www.kyinsplans.org
Is Kentucky Automobile Insurance Plan legitimate?
Kentucky Automobile Insurance Plan is a legitimate nonprofit organization registered as a 501(c)(6) entity. Kentucky Automobile Insurance Plan 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: $49,538
Professional Fundraising Fees: $0
Other Salaries and Wages: $36,190
For more financial information, click here
Official website here: www.kyinsplans.org
What is the mission statement of Kentucky Automobile Insurance Plan?
The Kentucky Automobile Insurance Plan's mission is to facilitate the acquisition of auto insurance for high-risk motorists and distribute the associated risk among insurers operating within Kentucky. By providing residual market mechanisms for both personal and commercial vehicle coverage, the plan aims to assist individuals who may struggle to secure insurance coverage through traditional channels. This initiative ultimately helps ensure that Kentucky's roads remain safe while providing a fair platform for insurers to manage risk.
Official website here: www.kyinsplans.org
Who is the CEO of Kentucky Automobile Insurance Plan?
Stephen Hillis is the Director of Kentucky Automobile Insurance Plan.
Official website here: www.kyinsplans.org
What is the revenue of Kentucky Automobile Insurance Plan?
Kentucky Automobile Insurance Plan's revenue in 2022 was $247,624.
Official website here: www.kyinsplans.org
Who are the executives of Kentucky Automobile Insurance Plan and what are their salaries?
Here are 7 key members and their salaries:
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- Compensation: $42,666
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Official website here: www.kyinsplans.org
Where can I find the form 990 for Kentucky Automobile Insurance Plan?
Kentucky Automobile Insurance Plan's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.kyinsplans.org
Learn more at the official website: www.kyinsplans.org
Mission Statement of Kentucky Automobile Insurance Plan
Kentucky Automobile Insurance Plan, abbreviated as KAIP, is committed to assisting high-risk motorists in obtaining auto insurance. Recognizing the challenges these motorists face in securing coverage, KAIP implements residual market mechanisms to distribute the risk among insurers operating within Kentucky. This initiative aims to ensure that high-risk motorists, despite their unique circumstances, can obtain the necessary insurance coverage to legally operate their vehicles on the roads. By providing a platform for insurers to share the risk, KAIP plays a crucial role in maintaining road safety and upholding legal requirements for vehicle insurance.
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Impact
October, 2024
Kentucky Automobile Insurance Plan (KAIP) plays a critical role in facilitating access to auto insurance for high-risk motorists in Kentucky. By providing a mechanism for residual market coverage, KAIP ensures that individuals who may struggle to secure insurance due to their driving history or other factors can obtain the necessary protection for personal and commercial vehicles.
The plan effectively distributes the associated risks among insurers operating in Kentucky, thus preventing any single company from bearing the full burden of these high-risk policyholders. This risk-sharing arrangement not only helps stabilize the insurance market but also contributes to overall road safety by ensuring that more drivers are insured.
Overall, KAIP's impact is significant, as it enhances financial security for high-risk motorists, promotes responsible driving practices, and supports the integrity of the auto insurance system in the state.
This information is meant to be a general summary of Kentucky Automobile Insurance Plan. 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: $7,209
- Program Service Revenue: $238,511
- Gross Receipts: $247,624
Assets and Liabilities:
- Total Assets: $1,272,983
- Total Liabilities: $363,291
- Net Assets: $909,692
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$208,850
PREMIUMS
Revenue
$29,661
Organization Details
Founding Year
1980
Phone
(502) 327-8909Principal Officer
Stephen Hillis
Main Address
PO BOX 437249, LOUISVILLE, KY, 40243
Website
www.kyinsplans.orgNTEE Category
Code: Y20 - Mutual benefit
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