Overview
What is Oklahoma Property And Casualty Insurance Guaranty Association?
Oklahoma Property And Casualty Insurance Guaranty Association is a nonprofit organization based in Oklahoma City, Oklahoma. Its primary mission is to safeguard policyholders and claimants from financial loss due to an insurer's insolvency. In such cases, the association assumes the insurer's obligations for covered claims, including defense of an insured, within the limitations set by the Oklahoma Property and Casualty Insurance Guaranty Association Act. By doing so, the association aims to minimize delays in claim payouts and protect claimants from financial hardship. The association operates with a team of five employees.
Official website here: www.oklahoma.ncigf
Is Oklahoma Property And Casualty Insurance Guaranty Association legitimate?
Oklahoma Property And Casualty Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Oklahoma Property And Casualty 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $280,952
For more financial information, click here
Official website here: www.oklahoma.ncigf
What is the mission statement of Oklahoma Property And Casualty Insurance Guaranty Association?
The Oklahoma Property and Casualty Insurance Guaranty Association, acting as a nonprofit entity on behalf of its member insurers, serves to address the needs of Oklahoma policyholders in the event of an insolvent insurer. It assumes the role of the insolvent insurer, fulfilling obligations on covered claims, including defense of an insured, subject to the limitations set forth in the Oklahoma Property and Casualty Insurance Guaranty Association Act. The association's primary mission is to provide a mechanism for paying covered claims under certain insurance policies, thereby preventing excessive delay in payment, minimizing financial loss to claimants or policyholders due to insurer insolvency, and establishing an association to assess the cost of protection among insurers. This ensures financial security and continuity for policyholders in Oklahoma.
Official website here: www.oklahoma.ncigf
What is the revenue of Oklahoma Property And Casualty Insurance Guaranty Association?
Oklahoma Property And Casualty Insurance Guaranty Association's revenue in 2023 was $2,048,149.
Official website here: www.oklahoma.ncigf
Who are the executives of Oklahoma Property And Casualty Insurance Guaranty Association and what are their salaries?
The average compensation at Oklahoma Property And Casualty Insurance Guaranty Association during 2023 was $70,238. There are 4 employees and 11 volunteers at Oklahoma Property And Casualty Insurance Guaranty Association.
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Official website here: www.oklahoma.ncigf
Where can I find the form 990 for Oklahoma Property And Casualty Insurance Guaranty Association?
Oklahoma Property And Casualty Insurance Guaranty Association's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.oklahoma.ncigf
Learn more at the official website: www.oklahoma.ncigf
Mission Statement of Oklahoma Property And Casualty Insurance Guaranty Association
The Oklahoma Property and Casualty Insurance Guaranty Association, functioning as a nonprofit entity on behalf of its member insurers, assumes the role of fulfilling obligations on covered claims when an insurer becomes insolvent. This association steps in to protect Oklahoma policyholders, providing defense for insured individuals in such situations, all within the limitations outlined in the Oklahoma Property and Casualty Insurance Guaranty Association Act.
In essence, the mission of the Oklahoma Property and Casualty Insurance Guaranty Association is to offer a mechanism for the payment of covered claims under certain insurance policies. By doing so, the association prevents excessive delays in payment, prevents financial loss for claimants or policyholders due to insurer insolvency, and provides an association for assessing the cost of protection among insurers. This nonprofit organization operates under the Oklahoma Statute, Title 36, Section 2002.A, ensuring the continuity of insurance coverage and protection for policyholders in times of insurer insolvency.
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Impact
October, 2024
The Oklahoma Property and Casualty Insurance Guaranty Association plays a critical role in safeguarding the financial interests of policyholders in Oklahoma. When an insurance company becomes insolvent, the Association steps in to fulfill the obligations on covered claims, ensuring that affected individuals and entities still receive the necessary compensation.
By providing a mechanism for the payment of covered claims, the Association helps to prevent excessive delays and mitigate financial losses for claimants who might otherwise suffer due to their insurer's insolvency. This support is crucial in maintaining trust in the insurance system and protecting consumers from the significant impact of insurer failures.
The Association also assesses the costs associated with this protection among its member insurers, promoting a collective responsibility within the industry while enhancing stability for policyholders across Oklahoma. Through its actions, the Association plays an essential role in maintaining a functional and reliable insurance market, ultimately benefiting both individuals and the broader community by fostering confidence in their insurance coverage.
This information is meant to be a general summary of Oklahoma Property And Casualty 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 2023.
- Investment Income: $1,894,813
- Program Service Revenue: $153,336
- Gross Receipts: $2,048,149
Assets and Liabilities:
- Total Assets: $71,511,443
- Total Liabilities: $0
- Net Assets: $71,511,443
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RECOVERY EARLY ACCESS
Revenue
$153,288
MEMBER INSURER ASSESSMENTS
Revenue
$48
Organization Details
Founding Year
1980
Principal Officer
Amanda Barbera
Website
www.oklahoma.ncigfNTEE Category
Code: Y20 - Mutual benefit
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