Overview
What is Montana Life & Health Insurance Guaranty Association?
The Montana Life & Health Insurance Guaranty Association is a nonprofit organization established in compliance with Montana statutes. Its primary mission is to offer protection to policyholders of financially struggling or insolvent insurance companies. This association ensures the payment of life, health, and annuity claims to policyholders, as well as addressing other contractual obligations tied to existing insurance policies. By doing so, the Montana Life & Health Insurance Guaranty Association safeguards the financial interests of its citizens, ensuring continuity and peace of mind during challenging times for insurance providers.
Is Montana Life & Health Insurance Guaranty Association legitimate?
Montana Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Montana 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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Executive Compensation: $120,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Montana Life & Health Insurance Guaranty Association?
The Montana Life & Health Insurance Guaranty Association was established with a mission to offer specific protections to policyholders of financially struggling or insolvent insurance companies. In accordance with Montana state laws, the association's primary objective is to ensure the payment of life, health, and annuity claims to insured individuals and fulfill other contractual obligations associated with existing insurance policies of insolvent insurers. This organization plays a crucial role in maintaining trust and stability in the insurance industry, thus safeguarding policyholders' interests during challenging financial situations.
What is the revenue of Montana Life & Health Insurance Guaranty Association?
Montana Life & Health Insurance Guaranty Association's revenue in 2023 was $1,152,794.
Who are the executives of Montana Life & Health Insurance Guaranty Association and what are their salaries?
There 8 volunteers at Montana Life & Health Insurance Guaranty Association.
Here are 9 key members and their salaries:
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- Compensation: $151,073
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Where can I find the form 990 for Montana Life & Health Insurance Guaranty Association?
Montana Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Montana Life & Health Insurance Guaranty Association
The Montana Life & Health Insurance Guaranty Association was established with a mission to offer protections to policyholders of impaired or insolvent insurers. In line with Montana Statutes Title 33, Chapter 10, Part 2, this nonprofit organization is tasked with providing certain safeguards to policyholders in such situations. When an insurer becomes financially unstable, the Montana Life & Health Insurance Guaranty Association steps in to fulfill contractual obligations, including the payment of life, health, and annuity claims to insured individuals. By carrying out these responsibilities, the Montana Life & Health Insurance Guaranty Association ensures that policyholders do not suffer undue losses due to the insolvency of their insurance providers.
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Impact
October, 2024
Montana Life & Health Insurance Guaranty Association plays a vital role in safeguarding the financial interests of policyholders when their insurance providers become impaired or insolvent. By fulfilling claims related to life, health, and annuities, the association ensures that insured individuals receive the financial support they are entitled to, even amidst an insurer's financial difficulties. This function not only alleviates potential hardship for policyholders but also upholds the integrity of the insurance market in Montana.
Established in accordance with Montana statutes, the association addresses contractual obligations of existing insurance policies and provides a safety net for those affected by insurer insolvency. Its mission underlines a commitment to mutual benefit, reinforcing public confidence in the stability of life and health insurance systems within the state.
This information is meant to be a general summary of Montana 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 2023.
- Investment Income: $284,704
- Program Service Revenue: $829,448
- Gross Receipts: $2,959,731
Assets and Liabilities:
- Total Assets: $8,869,935
- Total Liabilities: $1,538,224
- Net Assets: $7,331,711
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS
Revenue
$475,200
ESTATE DISTRIBUTIONS
Revenue
$354,248
Organization Details
Founding Year
1974
Principal Officer
Janice S Vanriper
NTEE Category
Code: Y20 - Mutual benefit
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