Overview
What is Kentucky Life And Health Insurance Guaranty Association?
Kentucky Life and Health Insurance Guaranty Association is a nonprofit organization, established in accordance with Kentucky state law, primarily dedicated to offering protection to policyholders of financially struggling or insolvent health and life insurance companies. Based in Prospect, Kentucky, this association operates in compliance with Kentucky Revised Statute 304 Subtitle 42. Their mission involves providing essential safeguards to policyholders of their member insurance companies, ensuring continuity of coverage and compensating eligible claimants during such challenging times.
Official website here: www.klhiga.org
Is Kentucky Life And Health Insurance Guaranty Association legitimate?
Kentucky Life And Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Kentucky Life And 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: $401,166
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.klhiga.org
What is the mission statement of Kentucky Life And Health Insurance Guaranty Association?
The Kentucky Life and Health Insurance Guaranty Association was established with a mission to provide certain protections to policyholders of impaired or insolvent member insurers, in line with the guidelines set by the Kentucky Revised Statute 304 Subtitle 42. The association's role is to ensure these protections are implemented as per Section KRS 304.42 of the Kentucky State Insurance Code. Throughout the year, the Kentucky Life and Health Insurance Guaranty Association fulfills this mission by providing necessary safeguards to policyholders of financially troubled insurers, in accordance with KRS 304 Subtitle 42.
Official website here: www.klhiga.org
Who is the CEO of Kentucky Life And Health Insurance Guaranty Association?
Jana Lee Pruitt Esq is the Chairman of Kentucky Life And Health Insurance Guaranty Association.
Official website here: www.klhiga.org
What is the revenue of Kentucky Life And Health Insurance Guaranty Association?
Kentucky Life And Health Insurance Guaranty Association's revenue in 2022 was $2,154.
Official website here: www.klhiga.org
Who are the executives of Kentucky Life And Health Insurance Guaranty Association and what are their salaries?
Here are 9 key members and their salaries:
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- Compensation: $310,648
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Official website here: www.klhiga.org
Where can I find the form 990 for Kentucky Life And Health Insurance Guaranty Association?
Kentucky Life And Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.klhiga.org
Learn more at the official website: www.klhiga.org
Mission Statement of Kentucky Life And Health Insurance Guaranty Association
Kentucky Life and Health Insurance Guaranty Association, established in accordance with the Kentucky State Insurance Code, has a mission to provide certain protections to policyholders of impaired or insolvent member insurers. This nonprofit organization operates under Section KRS 304.42, ensuring that it fulfills its role in safeguarding policyholders during challenging times for their insurance providers. By providing these protections, the Kentucky Life and Health Insurance Guaranty Association plays a crucial role in maintaining trust and stability within the insurance industry, thereby ensuring that policyholders are not left vulnerable in the event of their insurers' financial instability or insolvency.
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Impact
October, 2024
The Kentucky Life and Health Insurance Guaranty Association plays a critical role in safeguarding policyholders against the risk of their life and health insurers becoming impaired or insolvent. By providing protections mandated by Kentucky Revised Statute 304 Subtitle 42, it ensures that individuals who have purchased insurance policies are not left unprotected in the face of an insurer's financial failure.
This association acts as a safety net for policyholders, offering reassurance that their claims will be honored even if their insurance company cannot meet its obligations. By stepping in during such instances, it minimizes the financial impact on individuals and helps maintain consumer confidence in the insurance market. Overall, the organization's impact is significant in promoting stability and security for policyholders in Kentucky, contributing to a trustworthy insurance landscape.
This information is meant to be a general summary of Kentucky Life And 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: $1,927
- Program Service Revenue: $227
- Gross Receipts: $2,154
Assets and Liabilities:
- Total Assets: $13,484,796
- Total Liabilities: $0
- Net Assets: $13,484,796
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUM RECEIPTS
Revenue
$127
MEMBERSHIP FEES
Revenue
$100
Organization Details
Founding Year
1978
Phone
(502) 895-5915Principal Officer
Jana Lee Pruitt Esq
Main Address
PO BOX 761, PROSPECT, KY, 40059
Website
www.klhiga.orgNTEE Category
Code: Y20 - Mutual benefit
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