Overview
What is Insurance Council Of Texas?
The Insurance Council of Texas is a nonprofit organization based in Austin, Texas. With a team of 16 employees, it represents its member companies in the regulatory process and keeps informed of the impactful events within the Texas property and casualty insurance industry. The organization provides valuable data, research, and technical support to its members, acting as a key information clearinghouse. Through live, online, and written education, it educates on various auto and property insurance-related subjects. Furthermore, the Insurance Council of Texas informs consumers about weather events and guides them on how to connect with their insurance companies following such events. Serving over 400 member companies and numerous non-members and consumers, it plays a crucial role in the Texas insurance sector.
Official website here: www.insurancecouncil.org
What are the reviews and ratings of this charity?
The Insurance Council of Texas is not currently rated by Charity Navigator. This absence of a rating stems not from any positive or negative performance but because it is not registered as a 501(c)(3) organization, a requirement for Charity Navigator’s evaluation. Evaluations typically derive from Form 990 information, which is not applicable here.
As an organization outside the standard nonprofit classification, the Insurance Council of Texas operates independently, and thus, lacks some of the financial transparency data often available for evaluated entities. Information on revenue, expenses, and executive salaries is not publicly documented, making it challenging to assess its financial health using traditional charity metrics.
Without user reviews from GreatNonprofits, the public’s direct feedback on experiences with the Insurance Council of Texas is also unavailable. This absence of both formal ratings and user insights leaves a gap in publicly accessible evaluation, indicating a need for potential stakeholders to seek additional information directly from the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Insurance Council Of Texas legitimate?
Insurance Council Of Texas is a legitimate nonprofit organization registered as a 501(c)(6) entity. Insurance Council Of Texas 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: $725,776
Professional Fundraising Fees: $0
Other Salaries and Wages: $211,512
For more financial information, click here
Official website here: www.insurancecouncil.org
What is the mission statement of Insurance Council Of Texas?
The Insurance Council of Texas serves as a representative body for its member companies within the regulatory process of the Texas property and casualty insurance industry. Its primary objective is to stay informed about the events that impact this sector and advocate on behalf of its members. The organization presents testimonies and makes recommendations to the Texas Department of Insurance regarding rates, forms, rules, and other relevant issues for property and casualty insurers. In addition to regulatory representation, the Insurance Council of Texas provides research, data, and technical support to its members. It also functions as an information clearinghouse and offers education on various aspects of auto and property insurance through various channels, including live, written, and online sessions. Furthermore, the council informs consumers about weather-related events and advises them on how to contact their insurers for assistance following such events. Serving over 400 member companies and numerous non-members and consumers, the Insurance Council of Texas plays a significant role in representing the interests of the Texas property and casualty insurance industry.
Official website here: www.insurancecouncil.org
Who is the CEO of Insurance Council Of Texas?
Paula Harmon is the Executive Director of Insurance Council Of Texas.
Official website here: www.insurancecouncil.org
What is the revenue of Insurance Council Of Texas?
Insurance Council Of Texas's revenue in 2022 was $12,401,234.
Official website here: www.insurancecouncil.org
Who are the executives of Insurance Council Of Texas and what are their salaries?
The average compensation at Insurance Council Of Texas during 2022 was $58,580. There are 16 employees at Insurance Council Of Texas.
Here are 18 key members and their salaries:
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Official website here: www.insurancecouncil.org
Where can I find the form 990 for Insurance Council Of Texas?
Insurance Council Of Texas's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.insurancecouncil.org
Learn more at the official website: www.insurancecouncil.org
Mission Statement of Insurance Council Of Texas
The Insurance Council of Texas, a prominent nonprofit organization, is dedicated to representing the interests of its member companies within the regulatory sphere and keeping informed about the events shaping the Texas property and casualty insurance industry. This mission is accomplished through active participation in hearings and the regulatory process, as well as providing valuable insights and recommendations on behalf of its members to the Texas Department of Insurance.
Moreover, the Insurance Council of Texas serves as a knowledge hub, gathering and disseminating essential data and research to its members. It offers various educational resources, delivered online, live, and in written format, to keep members well-versed on topics related to auto and property insurance. The organization also extends its reach beyond its membership base, providing essential information to consumers regarding weather-related events and guiding them on how to connect with their insurance companies for assistance following such events.
By effectively advocating for its members and serving as a valuable source of knowledge and support, the Insurance Council of Texas plays a pivotal role in ensuring the Texas property and casualty insurance industry remains informed, responsive, and equipped to meet the needs of its clients in a constantly evolving regulatory landscape.
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Impact
October, 2024
The Insurance Council of Texas plays a significant role in shaping the landscape of the property and casualty insurance industry in Texas. By acting as a representative for its member companies, it effectively engages with the regulatory process, ensuring that the voices of insurers are heard in matters pertaining to rates, forms, and rules. This advocacy not only enhances the visibility of member concerns but also contributes to the establishment of fair and balanced regulations within the industry.
The organization achieves its mission by compiling vital data and providing extensive research and technical support to its members. This proactive approach equips insurance companies with the insights necessary to navigate a complex regulatory environment. Moreover, the Insurance Council serves as an information clearinghouse, offering online resources and educational opportunities that enhance the knowledge of industry professionals in areas such as auto and property insurance.
Additionally, the organization plays an essential role in consumer education, particularly during weather-related events. By informing the public on how to connect with their insurance providers in times of need, the Insurance Council helps ensure that consumers are better prepared for and supported through adverse situations. Serving around 400 member companies and a wide array of non-members and consumers, its impact extends widely across the Texas insurance landscape, fostering a more informed community and improving the relationship between insurers and the public.
This information is meant to be a general summary of Insurance Council Of Texas. 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: -$27,545
- Program Service Revenue: $120,100
- Gross Receipts: $12,522,678
Assets and Liabilities:
- Total Assets: $28,147,609
- Total Liabilities: $5,607,610
- Net Assets: $22,539,999
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SYMPOSIUM FEES
Revenue
$78,100
PUBLIC RELATIONS FEES
Revenue
$42,000
Organization Details
Founding Year
1991
Phone
(512) 444-9611Principal Officer
Paula Harmon
Main Address
5508 W Hwy 290 STE Suite 100, Austin, TX, 78735
Website
www.insurancecouncil.orgNTEE Category
Code: S41 - Community improvement
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