Overview
What is New Mexico Life Insurance Guaranty Association?
The New Mexico Life Insurance Guaranty Association, located in Santa Fe, New Mexico, is a nonprofit organization. Its primary mission is to safeguard policyholders of financially struggling insurance companies. By providing a support system, they ensure the continuation of insurance coverage and timely claim payments, thereby preventing excessive delays and financial losses. Additionally, they actively work towards detecting and preventing insolvencies in the insurance sector, thus maintaining stability and reliability within the industry.
Official website here: www.nmlifega.org
Is New Mexico Life Insurance Guaranty Association legitimate?
New Mexico Life Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. New Mexico Life 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:
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Official website here: www.nmlifega.org
What is the mission statement of New Mexico Life Insurance Guaranty Association?
The New Mexico Life Insurance Guaranty Association's mission is to ensure continuity of coverage and timely claim payments for policyholders of insolvent insurance companies. It aims to prevent excessive financial loss for claimants or policyholders due to the insolvency of an insurer. The association also plays a role in detecting and preventing insurer insolvencies, and provides a platform for assessing and distributing the cost of such protection among insurers. In essence, its purpose is to safeguard policyholders' interests and maintain the stability of the insurance industry.
Official website here: www.nmlifega.org
What is the revenue of New Mexico Life Insurance Guaranty Association?
New Mexico Life Insurance Guaranty Association's revenue in 2024 was $3,127,021.
Official website here: www.nmlifega.org
Who are the executives of New Mexico Life Insurance Guaranty Association and what are their salaries?
Here are 10 key members and their salaries:
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Official website here: www.nmlifega.org
Where can I find the form 990 for New Mexico Life Insurance Guaranty Association?
New Mexico Life Insurance Guaranty Association's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.nmlifega.org
Learn more at the official website: www.nmlifega.org
Mission Statement of New Mexico Life Insurance Guaranty Association
The New Mexico Life Insurance Guaranty Association, in essence, serves to safeguard policyholders of financially struggling insurance companies. Its primary mission is to ensure the continuation of coverage and timely claim payments for certain insurance policies, thereby preventing excessive delays and financial losses for claimants or policyholders. Additionally, this organization actively works towards the detection and prevention of insurer insolvencies, reinforcing the stability of the insurance market. Furthermore, the New Mexico Life Insurance Guaranty Association provides a platform for insurers to share the cost of such protection, fostering a collective responsibility in maintaining financial security for policyholders.
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Impact
October, 2024
The New Mexico Life Insurance Guaranty Association plays a critical role in the insurance landscape by providing essential financial protection to policyholders of insolvent insurance companies. Its primary function is to ensure the continuity of coverage and timely payment of covered claims, thereby minimizing financial disruption for affected individuals. This organization helps prevent excessive delays in claims processing, ensuring that policyholders can access benefits without significant hindrance during times of insurer insolvency.
Furthermore, the association aids in the detection and prevention of insurer insolvencies, fostering a more stable insurance environment. By assessing the costs of protection among insurers, it helps maintain a balance within the industry, ultimately benefiting the mutual interests of both insurers and policyholders. Through these efforts, the New Mexico Life Insurance Guaranty Association fulfills its mission of safeguarding consumers, contributing to the overall health and reliability of the insurance system in the state.
This information is meant to be a general summary of New Mexico Life 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 2024.
- Investment Income: $10,302
- Program Service Revenue: $3,116,719
- Gross Receipts: $3,127,021
Assets and Liabilities:
- Total Assets: $1,236,470
- Total Liabilities: $0
- Net Assets: $1,236,470
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS CALLED
Revenue
$3,017,803
RECOVERIES
Revenue
$76,058
PREMIUM INCOME
Revenue
$22,858
Organization Details
Founding Year
1979
Principal Officer
Michael C Batte
Website
www.nmlifega.orgNTEE Category
Code: Y20 - Mutual benefit
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