Overview
What is Oklahoma Life & Health Insurance Guaranty Association?
The Oklahoma Life & Health Insurance Guaranty Association is a nonprofit organization located in Oklahoma City, Oklahoma. Its primary mission is to safeguard policyholders, beneficiaries, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts from nonperformance of contractual obligations due to the impairment or insolvency of the issuer of these policies. By doing so, the association ensures financial stability and peace of mind for those relying on these insurance policies.
Official website here: www.oklifega.org
Is Oklahoma Life & Health Insurance Guaranty Association legitimate?
Oklahoma Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(4) entity. Oklahoma Life & 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.oklifega.org
What is the mission statement of Oklahoma Life & Health Insurance Guaranty Association?
The Oklahoma Life & Health Insurance Guaranty Association's mission is centered around safeguarding policyholders, beneficiaries, payees, and assignees of insurance policies. Specifically, it aims to shield them from the non-performance of a member insurer's contractual obligations due to impairment or insolvency. In simpler terms, the association ensures that policyholders receive the benefits they are entitled to, even if the issuing insurance company faces financial difficulties. This is carried out under certain limitations as outlined in Oklahoma state statutes.
Official website here: www.oklifega.org
Who is the CEO of Oklahoma Life & Health Insurance Guaranty Association?
Gary R Peterson is the Chairman of Oklahoma Life & Health Insurance Guaranty Association.
Official website here: www.oklifega.org
What is the revenue of Oklahoma Life & Health Insurance Guaranty Association?
Oklahoma Life & Health Insurance Guaranty Association's revenue in 2022 was $3,222,942.
Official website here: www.oklifega.org
Who are the executives of Oklahoma Life & Health Insurance Guaranty Association and what are their salaries?
There 10 volunteers at Oklahoma Life & Health Insurance Guaranty Association.
Here are 12 key members and their salaries:
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Official website here: www.oklifega.org
Where can I find the form 990 for Oklahoma Life & Health Insurance Guaranty Association?
Oklahoma Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.oklifega.org
Learn more at the official website: www.oklifega.org
Mission Statement of Oklahoma Life & Health Insurance Guaranty Association
The Oklahoma Life & Health Insurance Guaranty Association is an organization dedicated to safeguarding policyholders, beneficiaries, payees, and assignees from the non-fulfillment of a member insurer's contractual obligations due to impairment or insolvency. By undertaking this mission, the Association aims to ensure that individuals who hold life insurance policies, health insurance policies, annuity contracts, and supplemental contracts are protected against the failure to meet their obligations in the event of the insurer's financial instability. This protection is subject to certain limitations, as outlined in the Oklahoma Statutes Section 2021-2043.
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Impact
October, 2024
The Oklahoma Life & Health Insurance Guaranty Association plays a crucial role in safeguarding policyholders, beneficiaries, payees, and assignees of insurance policies in the event of an insurer's impairment or insolvency. It provides a level of financial security, ensuring that individuals can rely on their life insurance, health insurance, annuity contracts, and supplemental contracts even if their insurance provider fails to meet its obligations.
By protecting against the potential fallout from insurer insolvency, the Association helps maintain consumer confidence in the insurance market. This stability is vital for individuals who depend on these policies for financial security in times of need, such as during health crises or at the end of life. In essence, the guarantee of obligation fulfillment mitigates the risks associated with insurance policy ownership, reinforces trust in the insurance industry, and fosters peace of mind among policyholders within Oklahoma.
This information is meant to be a general summary of Oklahoma Life & 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 2022.
- Investment Income: $18,410
- Program Service Revenue: $3,204,532
- Gross Receipts: $3,222,942
Assets and Liabilities:
- Total Assets: $10,139,475
- Total Liabilities: $0
- Net Assets: $10,139,475
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DISTRIBUTIONS FROM LIQ
Revenue
$2,333,900
MEMBERSHIP DUES
Revenue
$823,538
OTHER INCOME
Revenue
$46,589
PREMIUMS COLLECTED
Revenue
$505
Organization Details
Founding Year
1982
Phone
(405) 272-9221Principal Officer
Gary R Peterson
Main Address
201 ROBERT S KERR SUITE 600, OKLAHOMA CITY, OK, 731024203
Website
www.oklifega.orgNTEE Category
Code: Y20 - Mutual benefit
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