Overview
What is Kentucky Insurance Guaranty Association?
The Kentucky Insurance Guaranty Association is a nonprofit organization situated in Louisville, Kentucky. Its primary mission is to ensure financial protection for policyholders in the event of an insurer's insolvency. This is achieved by providing payment for covered claims under property and casualty insurance policies. Furthermore, the association actively works towards detecting and preventing insurer insolvencies, thereby safeguarding policyholders' interests. With a staff of four individuals, the Kentucky Insurance Guaranty Association plays a crucial role in maintaining financial stability within the insurance sector in the state.
Is Kentucky Insurance Guaranty Association legitimate?
Kentucky Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Kentucky 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: $308,221
Professional Fundraising Fees: $0
Other Salaries and Wages: $193,132
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What is the mission statement of Kentucky Insurance Guaranty Association?
The Kentucky Insurance Guaranty Association serves a crucial role in ensuring financial security for policyholders. Its mission is to provide a mechanism for the payment of covered claims under property and casualty insurance policies, should the insurer become insolvent. Beyond this, the association also works to prevent and detect potential insurer insolvencies, thereby safeguarding policyholders' interests. By offering this service, the Kentucky Insurance Guaranty Association plays a significant role in maintaining confidence in the insurance industry and protecting policyholders from financial loss due to insurer insolvency.
What is the revenue of Kentucky Insurance Guaranty Association?
Kentucky Insurance Guaranty Association's revenue in 2024 was $12,142,002.
Who are the executives of Kentucky Insurance Guaranty Association and what are their salaries?
The average compensation at Kentucky Insurance Guaranty Association during 2024 was $100,271. There are 5 employees at Kentucky Insurance Guaranty Association.
Here are 9 key members and their salaries:
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- Compensation: $165,326
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- Other: $55,016
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- Compensation: $81,390
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- Other: $6,489
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Where can I find the form 990 for Kentucky Insurance Guaranty Association?
Kentucky Insurance Guaranty Association's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Kentucky Insurance Guaranty Association
The Kentucky Insurance Guaranty Association, in its mission, serves as a mechanism to provide payment for insurance claims when the insurer becomes insolvent. This nonprofit organization ensures that covered claims under property and casualty insurance policies are settled, offering a safety net to policyholders in such unfortunate circumstances. Furthermore, the Kentucky Insurance Guaranty Association is proactive in its efforts to detect and prevent insurer insolvencies, thereby safeguarding the financial security of policyholders and the overall insurance market.
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Impact
October, 2024
The Kentucky Insurance Guaranty Association plays a crucial role in ensuring financial stability and consumer protection within the insurance market. By providing a mechanism for payment of covered claims related to property and casualty insurance, it safeguards policyholders in the event of an insurer's insolvency. This means that individuals and businesses can have peace of mind knowing that their claims will still be honored even if their insurance provider is unable to fulfill its financial obligations.
Additionally, the association contributes to the overall health of the insurance industry by assisting in the detection and prevention of insurer insolvencies. This proactive approach not only protects consumers but also enhances trust in the insurance system as a whole. In essence, the Kentucky Insurance Guaranty Association acts as a safety net for policyholders, ensuring that they are not left vulnerable due to circumstances beyond their control.
This information is meant to be a general summary of Kentucky 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 2024.
- Investment Income: $1,910,400
- Program Service Revenue: $11,599,871
- Gross Receipts: $51,942,548
Assets and Liabilities:
- Total Assets: $55,743,367
- Total Liabilities: $0
- Net Assets: $55,743,367
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENT
Revenue
$8,201,106
LIQUIDATOR DISTRIBUTION
Revenue
$2,971,741
NET WORTH RECOVERY
Revenue
$161,184
SUBROGATION
Revenue
$147,301
REIMBURSEMENT FROM SPECIAL FUND
Revenue
$61,390
Organization Details
Founding Year
1980
Principal Officer
Scott Webster
NTEE Category
Code: Y20 - Mutual benefit
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