Overview
What is Texas Life And Health Insurance Guaranty Association?
Texas Life and Health Insurance Guaranty Association, abbreviated as TLHIGA, is a nonprofit organization situated in Austin, Texas. Its main objective is to safeguard Texas policyholders in the event their insurance company encounters insolvency. Established under Chapter 463 of the Texas Insurance Code, TLHIGA provides crucial protections to life, health, and annuity policyholders, as well as HMO members, if their member company is declared insolvent and ordered to be liquidated by a court. The organization, with a workforce of just four individuals, plays a vital role in maintaining financial stability and peace of mind for the residents of Texas by ensuring continuity of insurance coverage in challenging circumstances.
Official website here: www.txlifega.org
Is Texas Life And Health Insurance Guaranty Association legitimate?
Texas Life And Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Texas 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $378,133
Professional Fundraising Fees: $0
Other Salaries and Wages: $114,283
For more financial information, click here
Official website here: www.txlifega.org
What is the mission statement of Texas Life And Health Insurance Guaranty Association?
The Texas Life and Health Insurance Guaranty Association (TLHIGA) was established to ensure certain protections for life, health, and annuity policyholders, as well as HMO members, in the event their insurance company is declared insolvent and ordered to be liquidated by a court. In such circumstances, the TLHIGA provides protection to Texas policyholders. This association operates under Chapter 463 of the Texas Insurance Code, safeguarding policyholders' interests and ensuring continuity of coverage in the face of financial instability within their insurance companies.
Official website here: www.txlifega.org
Who is the CEO of Texas Life And Health Insurance Guaranty Association?
Bart A Boles is the Director of Texas Life And Health Insurance Guaranty Association.
Official website here: www.txlifega.org
What is the revenue of Texas Life And Health Insurance Guaranty Association?
Texas Life And Health Insurance Guaranty Association's revenue in 2022 was $4,046,714.
Official website here: www.txlifega.org
Who are the executives of Texas Life And Health Insurance Guaranty Association and what are their salaries?
The average compensation at Texas Life And Health Insurance Guaranty Association during 2022 was $123,104. There are 4 employees at Texas Life And Health Insurance Guaranty Association.
Here are 10 key members and their salaries:
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- Compensation: $118,188
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- Other: $8,273
Official website here: www.txlifega.org
Where can I find the form 990 for Texas Life And Health Insurance Guaranty Association?
Texas Life And Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.txlifega.org
Learn more at the official website: www.txlifega.org
Mission Statement of Texas Life And Health Insurance Guaranty Association
The Texas Life and Health Insurance Guaranty Association, established under Chapter 463 of the Texas Insurance Code, is a crucial entity that offers protection to life, health, and annuity policyholders, as well as HMO members. In the unfortunate event that their member company is deemed insolvent and ordered to be liquidated by a court, this association steps in to provide necessary safeguards. This organization's mission is centered around ensuring that policyholders and HMO members in Texas are not left unprotected during such challenging times. By providing these essential protections, the Texas Life and Health Insurance Guaranty Association plays a significant role in maintaining financial stability and peace of mind for policyholders and HMO members in Texas.
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Impact
October, 2024
The Texas Life and Health Insurance Guaranty Association (TLHIGA) plays a crucial role in protecting policyholders in the state by providing a safety net for individuals who hold life, health, and annuity insurance products. In the event that an insurance company is found to be insolvent and liquidated by a court, TLHIGA steps in to ensure that policyholders and health maintenance organization (HMO) members are safeguarded against financial loss.
By offering these protections, TLHIGA helps maintain public confidence in the insurance system, allowing consumers to feel secure in their coverage even in the face of potential insurer failures. This not only aids individuals directly affected by insolvency but also contributes to the overall stability of the insurance market in Texas. Through its operations, TLHIGA fosters mutual benefit among policyholders, enhancing their financial security and protecting their interests.
This information is meant to be a general summary of Texas 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 2022.
- Investment Income: $1,059,896
- Program Service Revenue: $2,986,818
- Gross Receipts: $4,046,714
Assets and Liabilities:
- Total Assets: $70,550,812
- Total Liabilities: $11,775,483
- Net Assets: $58,775,329
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CHANGE IN UNBILLED ASSESSMENTS
Revenue
$2,852,360
ESTATE RECOVERIES
Revenue
$71,791
PREMIUM COLLECTIONS
Revenue
$62,667
Organization Details
Founding Year
1973
Phone
(800) 982-6362Principal Officer
Bart A Boles
Main Address
1717 WEST 6TH STREET 230, AUSTIN, TX, 78703
Website
www.txlifega.orgNTEE Category
Code: Y20 - Mutual benefit
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