Overview
What is Alabama Life & Disability Insurance Guaranty Association?
The Alabama Life & Disability Insurance Guaranty Association serves as a state-appointed entity, established under the Alabama Insurance Guaranty Act. Its primary mission is to safeguard policyholders from financial loss due to insurer insolvencies by ensuring timely claim payments and providing continued coverage. This is achieved through negotiating reinsurance agreements or offering administrative services. The Association acts as a safety net, aiding in the detection and prevention of insurer insolvencies, and distributing the cost of such protection among participating insurers. Based in Birmingham, Alabama, this nonprofit organization has a dedicated workforce of two individuals, committed to upholding its vital role in the state's insurance sector.
Official website here: www.allifega.org
Is Alabama Life & Disability Insurance Guaranty Association legitimate?
Alabama Life & Disability Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Alabama Life & Disability 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: $169,295
Professional Fundraising Fees: $0
Other Salaries and Wages: $52,207
For more financial information, click here
Official website here: www.allifega.org
What is the mission statement of Alabama Life & Disability Insurance Guaranty Association?
The Alabama Life & Disability Insurance Guaranty Association serves a crucial role in providing financial protection to policyholders of insolvent insurance companies. Their mission is to ensure continued coverage for these policyholders by negotiating reinsurance agreements or providing administrative services. In the event of an insurer's insolvency, the association steps in to pay covered claims, preventing excessive delays and financial losses for claimants. Furthermore, the association actively works to detect and prevent insurer insolvencies, maintaining an association to assess the cost of such protection among insurers. Since its establishment, the Alabama Life and Disability Insurance Guaranty Association has been committed to fulfilling these responsibilities.
Official website here: www.allifega.org
Who is the CEO of Alabama Life & Disability Insurance Guaranty Association?
Life Ins Co Of Al Clarenc is the Principal Officer of Alabama Life & Disability Insurance Guaranty Association.
Official website here: www.allifega.org
What is the revenue of Alabama Life & Disability Insurance Guaranty Association?
Alabama Life & Disability Insurance Guaranty Association's revenue in 2022 was $365,091.
Official website here: www.allifega.org
Who are the executives of Alabama Life & Disability Insurance Guaranty Association and what are their salaries?
The average compensation at Alabama Life & Disability Insurance Guaranty Association during 2022 was $110,751. There are 2 employees at Alabama Life & Disability Insurance Guaranty Association.
Here are 10 key members and their salaries:
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- Compensation: $150,285
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- Other: $19,010
Official website here: www.allifega.org
Where can I find the form 990 for Alabama Life & Disability Insurance Guaranty Association?
Alabama Life & Disability Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.allifega.org
Learn more at the official website: www.allifega.org
Mission Statement of Alabama Life & Disability Insurance Guaranty Association
Alabama Life & Disability Insurance Guaranty Association, established as an agent of the state of Alabama, serves a vital role in the insurance industry. Its purpose, as mandated by the Alabama Insurancy Guaranty Act, is to provide a mechanism for paying out covered claims under certain insurance policies. This is done to prevent excessive delays in payment and to protect claimants from financial loss due to an insurer's insolvency. Furthermore, the association assists in the detection and prevention of insurer insolvencies. It also provides an association for insurers to share the cost of such protection. Since its inception, the Alabama Life & Disability Insurance Guaranty Association has consistently lived up to this mission, ensuring that policyholders of insolvent insurance companies receive the payments they are entitled to.
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Impact
October, 2024
The Alabama Life & Disability Insurance Guaranty Association plays a critical role in ensuring the financial stability of policyholders in the event of an insurance company's insolvency. By providing payments to or on behalf of policyholders of insolvent insurance companies, the Association helps mitigate financial distress for those affected, ensuring they receive benefits they are entitled to under their insurance policies.
Additionally, the Association negotiates reinsurance agreements and offers administrative services, which further facilitates continued coverage for policyholders. This proactive approach not only addresses immediate claims but also works towards preventing excessive delays in payments, thereby safeguarding the financial interests of claimants.
Since its establishment, the Association has served as an essential mechanism to detect and prevent insurer insolvencies, promoting a healthier insurance market. It also assesses the cost of protection among insurers, ensuring a collaborative approach to maintaining industry stability. Overall, the Association significantly impacts the insurance landscape in Alabama, providing crucial support to both individual policyholders and the broader insurance community.
This information is meant to be a general summary of Alabama Life & Disability 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: $316,180
- Program Service Revenue: $50,457
- Gross Receipts: $365,091
Assets and Liabilities:
- Total Assets: $20,564,479
- Total Liabilities: $92,827,103
- Net Assets: -$72,262,624
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EARLY ACCESS DISTRIBUT
Revenue
$50,457
Organization Details
Founding Year
1982
Phone
(205) 879-2202Principal Officer
Life Ins Co Of Al Clarenc
Main Address
2009 EAGLE RIDGE DR, BIRMINGHAM, AL, 35242
Website
www.allifega.orgNTEE Category
Code: Y20 - Mutual benefit
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