Overview
What is Property Insurance Association Of La?
The Property Insurance Association of Louisiana (PIAL) is a 135-year-old nonprofit organization, established and funded by property insurance companies operating within the state. Its primary mission is to promote and maintain a competitive and healthy property insurance market in Louisiana, benefiting the insuring public. PIAL operates through three main functions: evaluating municipal areas based on fire protection capabilities for fair insurance rating, inspecting commercial buildings upon request for fair pricing of individual risks, and filing advisory rates and forms for property coverages in the state, subject to the Louisiana Department of Insurance's review and approval. During 2022, PIAL conducted various activities, including grading fire departments, participating in conferences, and conducting inspections of commercial buildings in Louisiana. With a modest workforce of 30 employees, PIAL plays a crucial role in ensuring fair insurance pricing and market competitiveness in Louisiana.
Official website here: www.pial.org
Is Property Insurance Association Of La legitimate?
Property Insurance Association Of La is a legitimate nonprofit organization registered as a 501(c)(6) entity. Property Insurance Association Of La 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: $394,944
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,673,479
For more financial information, click here
Official website here: www.pial.org
What is the mission statement of Property Insurance Association Of La?
The Property Insurance Association of Louisiana (PIAL) is a non-profit organization comprised of property insurance companies operating in the state. Established in 1888, it has been in operation for over a century. The association's primary mission is to promote and maintain a viable and competitive property insurance market for the benefit of the public. To achieve this, PIAL grades municipal areas based on their fire protection capabilities, ensuring fair insurance ratings. It also inspects commercial buildings upon request from its member companies to help price individual risks fairly. Additionally, PIAL submits advisory rates and forms for property coverages within the state, subject to approval by the Louisiana Department of Insurance.
Official website here: www.pial.org
Who is the CEO of Property Insurance Association Of La?
Alvin J Herbert Iii is the Director of Property Insurance Association Of La.
Official website here: www.pial.org
What is the revenue of Property Insurance Association Of La?
Property Insurance Association Of La's revenue in 2022 was $6,021,410.
Official website here: www.pial.org
Who are the executives of Property Insurance Association Of La and what are their salaries?
The average compensation at Property Insurance Association Of La during 2022 was $68,947. There are 30 employees and 19 volunteers at Property Insurance Association Of La.
Here are 26 key members and their salaries:
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Official website here: www.pial.org
Where can I find the form 990 for Property Insurance Association Of La?
Property Insurance Association Of La's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.pial.org
Learn more at the official website: www.pial.org
Mission Statement of Property Insurance Association Of La
The Property Insurance Association of Louisiana (PIAL) is a non-profit organization composed of all insurance companies licensed to provide property coverage within the state. Established by its member companies in 1888, the PIAL has been operational for over a century and a half. The association's primary mission is to promote and maintain a competitive and healthy property insurance market in Louisiana, benefiting the insuring public.
The PIAL operates in three main areas. Firstly, it grades municipal areas based on their fire protection capabilities, known as public protection. This grading system is crucial for fair insurance rating of the graded areas, ensuring that insurance costs are balanced and reasonable for all parties involved.
Secondly, upon request from its member companies, the PIAL inspects commercial buildings located within Louisiana. The purpose of these inspections is to provide fair pricing for individual risks. By assessing the specific risks associated with each building, the PIAL helps insurance companies to price their policies accurately, ensuring that policyholders are not overcharged or underinsured.
Lastly, the PIAL files advisory rates and forms for property coverages in Louisiana, subject to review and approval by the Louisiana Department of Insurance. This process ensures that property insurance policies are priced fairly and in alignment with the state's insurance regulations. By providing these services, the PIAL plays a vital role in maintaining a stable and competitive property insurance market in Louisiana, benefiting both insurance companies and their customers.
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Impact
October, 2024
The Property Insurance Association of Louisiana (PIAL) significantly influences the state's property insurance market, ensuring its health and competitiveness for the benefit of the insuring public. By conducting comprehensive inspections and grading fire department capabilities, PIAL aids municipalities in enhancing their fire protection services, which can lead to better insurance rates for property owners.
In 2022, PIAL filed 14 rate, rule, and form filings, indicating active involvement in shaping insurance policies. Through its grading assistance program, the association completed 105 assessments of fire department capabilities, fostering improvements. The partnership with fire departments through workshops and engagements, like the two Fire Chief Conferences, demonstrates a commitment to community safety and resource optimization.
Additionally, PIAL inspected over 2,200 commercial buildings, ensuring fair pricing for individual risks and providing vital data to its member companies. The association's focus on equitable insurance rating and pricing aligns with its mission to support a robust property insurance market, ultimately benefiting homeowners and businesses across Louisiana.
This information is meant to be a general summary of Property Insurance Association Of La. 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: $80,214
- Program Service Revenue: $5,413,597
- Gross Receipts: $8,146,410
Assets and Liabilities:
- Total Assets: $13,798,529
- Total Liabilities: $1,853,817
- Net Assets: $11,944,712
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$3,345,658
MEMBERSHIP DUES
Revenue
$2,026,000
INSPECTIONS
Revenue
$31,939
PPC REPORTS
Revenue
$10,000
Organization Details
Founding Year
1888
Phone
(504) 836-7980Principal Officer
Alvin J Herbert Iii
Main Address
433 METAIRIE ROAD 400, METAIRIE, LA, 70005
Website
www.pial.orgNTEE Category
Code: S40 - Community improvement
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