Overview
What is Tennessee Life & Health Insurance Guaranty Association?
Tennessee Life & Health Insurance Guaranty Association is a nonprofit organization based in Nashville, Tennessee, established by state law to safeguard Tennessee residents with life insurance, health insurance, or annuity policies from insolvent insurance companies. The association serves as a safety net, ensuring continuity of coverage for policyholders by paying claims related to such companies. All insurance companies operating in Tennessee are mandated to become members of the association, and its expenses and benefits are funded through assessments levied on these member companies. The association's mission is to protect and support policyholders in the event of an insolvent insurance company. It operates under the principle of shared responsibility among member companies, ensuring financial stability and peace of mind for Tennessee residents.
Official website here: www.tnlifega.org
Is Tennessee Life & Health Insurance Guaranty Association legitimate?
Tennessee Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Tennessee 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.
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For more financial information, click here
Official website here: www.tnlifega.org
What is the mission statement of Tennessee Life & Health Insurance Guaranty Association?
The Tennessee Life & Health Insurance Guaranty Association was established to serve as a safety net for residents of Tennessee who hold life insurance policies, health insurance policies, or annuities from insolvent insurance companies. All insurance companies licensed to operate in Tennessee are mandated to become members of this association. The association's operations and benefits are funded through assessments levied on these member companies. In the event of an insolvent company, the association assumes the responsibility of paying claims on behalf of the affected Tennessee residents. The primary mission of the Tennessee Life & Health Insurance Guaranty Association is to ensure financial security for policyholders in such situations.
Official website here: www.tnlifega.org
Who is the CEO of Tennessee Life & Health Insurance Guaranty Association?
Randy Foster is the Principal Officer of Tennessee Life & Health Insurance Guaranty Association.
Official website here: www.tnlifega.org
What is the revenue of Tennessee Life & Health Insurance Guaranty Association?
Tennessee Life & Health Insurance Guaranty Association's revenue in 2022 was $313,188.
Official website here: www.tnlifega.org
Who are the executives of Tennessee Life & Health Insurance Guaranty Association and what are their salaries?
Here are 9 key members and their salaries:
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Official website here: www.tnlifega.org
Where can I find the form 990 for Tennessee Life & Health Insurance Guaranty Association?
Tennessee Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.tnlifega.org
Learn more at the official website: www.tnlifega.org
Mission Statement of Tennessee Life & Health Insurance Guaranty Association
The Tennessee Life & Health Insurance Guaranty Association, established by Tennessee law, serves as a safety net for Tennessee residents covered under life insurance policies, health insurance policies, or annuities issued by insolvent insurance companies. This organization requires all life and health insurance companies licensed to conduct business in Tennessee to be members. To fund its expenses and benefits, the Association levies assessments on its member companies. The Association's primary role is to provide coverage for Tennessee residents who are insured by insolvent companies, as demonstrated by its payment of claims related to three such companies.
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Impact
October, 2024
The Tennessee Life & Health Insurance Guaranty Association provides a crucial safety net for residents of Tennessee who hold life insurance policies, health insurance policies, or annuities from companies that become insolvent. By ensuring that policyholders receive their benefits even in the event of an insurer’s failure, the association helps maintain public confidence in the insurance system.
All licensed life and health insurance companies in Tennessee must be members of the association, thereby spreading the risk among all insurers and enabling the collective funding of benefits through assessments on these member companies. This structure not only protects consumers but also promotes stability within the insurance market in Tennessee.
The association has directly impacted Tennessee residents by paying claims related to three insolvencies, thereby safeguarding the financial interests of those insured by the affected companies. By fulfilling its mission, the association reinforces the principle that individuals can rely on their insurance coverage, contributing to a sense of security and trust within the community.
This information is meant to be a general summary of Tennessee 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: $306,147
- Gross Receipts: $10,204,276
Assets and Liabilities:
- Total Assets: $45,795,755
- Total Liabilities: $0
- Net Assets: $45,795,755
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Organization Details
Founding Year
1989
Phone
(615) 242-8758Principal Officer
Randy Foster
Main Address
150 3RD AVE S 1600, NASHVILLE, TN, 37201
Website
www.tnlifega.orgNTEE Category
Code: Y20 - Mutual benefit
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