Overview
What is Louisiana Life And Health Insurance Guaranty Association?
Louisiana Life and Health Insurance Guaranty Association is a nonprofit organization situated in Baton Rouge, Louisiana. Its primary role is to safeguard Louisiana residents from the consequences of contractual obligations not being fulfilled under life and health insurance policies and annuity contracts, due to the financial instability or insolvency of the issuing insurance company. The association achieves this by paying claims to residents, using funds collected from other member companies. This protective measure ensures that policyholders are not left unattended in the event of a member company's insolvency.
Official website here: www.lalifega.org
Is Louisiana Life And Health Insurance Guaranty Association legitimate?
Louisiana Life And Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Louisiana 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.
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Official website here: www.lalifega.org
What is the mission statement of Louisiana Life And Health Insurance Guaranty Association?
The Louisiana Life and Health Insurance Guaranty Association serves a crucial role in protecting policyholders against the failure of insurance companies. Its purpose, subject to certain limitations, is to safeguard Louisiana residents from breaching contractual obligations under life and health insurance policies and annuity contracts due to the impairment or insolvency of the issuing member insurance companies. When member companies face insolvency, the Association steps in, utilizing funds collected from other member companies, to pay claims to the affected policyholders in Louisiana.
Official website here: www.lalifega.org
Who is the CEO of Louisiana Life And Health Insurance Guaranty Association?
Julie Fuselier is the Secretary/Treasurer of Louisiana Life And Health Insurance Guaranty Association.
Official website here: www.lalifega.org
What is the revenue of Louisiana Life And Health Insurance Guaranty Association?
Louisiana Life And Health Insurance Guaranty Association's revenue in 2021 was $4,660,798.
Official website here: www.lalifega.org
Who are the executives of Louisiana Life And Health Insurance Guaranty Association and what are their salaries?
There 11 volunteers at Louisiana Life And Health Insurance Guaranty Association.
Here are 12 key members and their salaries:
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Official website here: www.lalifega.org
Where can I find the form 990 for Louisiana Life And Health Insurance Guaranty Association?
Louisiana Life And Health Insurance Guaranty Association's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.lalifega.org
Learn more at the official website: www.lalifega.org
Mission Statement of Louisiana Life And Health Insurance Guaranty Association
Louisiana Life and Health Insurance Guaranty Association serves a crucial role in protecting Louisiana residents from the consequences of insolvency or impairment of life and health insurance companies. The association's mission, as described, is to uphold the commitment to fulfill contractual obligations under life and health insurance policies and annuity contracts, subject to certain limitations, for Louisiana residents. In the event of a member insurance company's failure, the association steps in to ensure that policyholders and annuity contract holders receive their due claims, utilizing funds collected from other member companies. This safeguarding mechanism provides Louisiana residents with a sense of security and financial peace of mind, mitigating potential losses associated with insolvent or impaired insurance companies.
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Impact
October, 2024
The Louisiana Life and Health Insurance Guaranty Association plays a crucial role in safeguarding the financial interests of residents by providing a safety net for life and health insurance policyholders. When a member insurer becomes insolvent, the association steps in to ensure that claims are paid, protecting individuals from potential financial loss.
This protection is funded through assessments levied on other member companies, effectively distributing the financial burden among the insurers. By doing so, the association maintains stability within the insurance market and instills confidence among consumers. Its mission to uphold contractual obligations for life and health insurance policies and annuity contracts directly impacts the quality of life for Louisiana residents, ensuring they can rely on their insurance policies in times of need, even in situations where their original insurer fails.
This information is meant to be a general summary of Louisiana 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 2021.
- Investment Income: $251,168
- Program Service Revenue: $3,702,352
- Gross Receipts: $4,660,798
Assets and Liabilities:
- Total Assets: $23,716,815
- Total Liabilities: $460,597
- Net Assets: $23,256,218
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS AND PREMIU
Revenue
$3,702,352
Organization Details
Founding Year
1991
Phone
(225) 381-0656Principal Officer
Julie Fuselier
Main Address
620 FLORIDA ST 210, BATON ROUGE, LA, 70801
Website
www.lalifega.orgNTEE Category
Code: Y20 - Mutual benefit
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