Overview
What is Alabama Insurance Guaranty Association?
The Alabama Insurance Guaranty Association is a state-appointed entity, established by the Alabama Insurance Guaranty Act. Its primary role is to safeguard claimants and policyholders from financial loss resulting from insolvency of insurance companies. By maintaining books and records and administering claims for insolvencies, the association ensures timely payment of covered claims under certain insurance policies. In 2021, it handled 43 such cases, each with separate accounts as per state legislature. To prevent insolvencies, the association also aids in their detection and prevention. The association's mission is to allocate the cost of protection among insurers, thereby providing a collective shield against financial losses due to insolvencies.
Official website here: www.alaiga.com
Is Alabama Insurance Guaranty Association legitimate?
Alabama Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Alabama 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: $340,899
Professional Fundraising Fees: $0
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Official website here: www.alaiga.com
What is the mission statement of Alabama Insurance Guaranty Association?
The Alabama Insurance Guaranty Association, functioning as an agent of the state, is tasked with providing a means to settle covered claims under specific insurance policies, thereby preventing excessive payment delays and avoiding financial losses for claimants and policyholders due to insurer insolvency. Established under the Alabama Insurance Guaranty Act, the association has been active since its inception and, in 2021, managed the records and administered claims for 43 insolvencies, keeping each insolvency's records in three separate accounts as required by state statute. The primary objective of the Alabama Insurance Guaranty Association is to safeguard against insolvency-related financial losses and assist in detecting and preventing such instances in the insurance sector.
Official website here: www.alaiga.com
Who is the CEO of Alabama Insurance Guaranty Association?
Andrea Lentine is the Director, See Schedule O of Alabama Insurance Guaranty Association.
Official website here: www.alaiga.com
What is the revenue of Alabama Insurance Guaranty Association?
Alabama Insurance Guaranty Association's revenue in 2022 was $7,260,591.
Official website here: www.alaiga.com
Who are the executives of Alabama Insurance Guaranty Association and what are their salaries?
The average compensation at Alabama Insurance Guaranty Association during 2022 was $34,090. There are 10 employees at Alabama Insurance Guaranty Association.
Here are 11 key members and their salaries:
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- Compensation: $100,159
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- Other: $28,677
Official website here: www.alaiga.com
Where can I find the form 990 for Alabama Insurance Guaranty Association?
Alabama Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.alaiga.com
Learn more at the official website: www.alaiga.com
Mission Statement of Alabama Insurance Guaranty Association
The Alabama Insurance Guaranty Association, established by the Alabama Insurance Guaranty Act, serves as an agent of the state with a mission to provide a solution for the payment of covered claims under certain insurance policies. This is done to prevent excessive delays in payment and financial loss to claimants or policyholders due to insolvency. The association maintains the books and records and administers claims for various insolvencies, keeping each insolvency's records in three separate accounts as required by state statute. This organization plays a crucial role in protecting claimants and policyholders from financial loss by acting as a safety net in cases of insurer insolvency. It also contributes to the detection and prevention of such insolvencies, thereby ensuring a more stable insurance market.
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Impact
October, 2024
The Alabama Insurance Guaranty Association (AIGA) plays a critical role in safeguarding policyholders and claimants from financial losses arising from the insolvency of insurance companies. By providing a systematic payment mechanism for covered claims, AIGA helps to ensure that claims are processed promptly, reducing the risk of excessive delays that can severely impact individuals and families during difficult times.
In 2021, AIGA managed the claims and maintained records for 43 different insolvencies, demonstrating its active involvement in protecting policyholders across Alabama. This organization operates under the guidelines established by the Alabama Insurance Guaranty Act, which emphasizes its role in not only facilitating payments but also in aiding the detection and prevention of insurer insolvencies.
Overall, AIGA contributes to the stability of the insurance market by spreading the financial responsibility among insurers, which ultimately benefits both the industry and consumers. By reassuring individuals that they have recourse in the event of an insurer's insolvency, AIGA fosters trust in the insurance system in Alabama.
This information is meant to be a general summary of Alabama 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: $1,583,127
- Gross Receipts: $8,629,861
Assets and Liabilities:
- Total Assets: $155,685,622
- Total Liabilities: $152,191,037
- Net Assets: $3,494,585
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Organization Details
Founding Year
1980
Phone
(205) 823-4042Principal Officer
Andrea Lentine
Main Address
600 UNIVERSITY PARK PLACE 260, BIRMINGHAM, AL, 35209
Website
www.alaiga.comNTEE Category
Code: Y20 - Mutual benefit
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