Overview
What is Idaho Life & Health Insurance Guaranty Association?
The Idaho Life & Health Insurance Guaranty Association is a nonprofit organization situated in Meridian, Idaho. Its primary function is to safeguard Idaho residents with life, annuity, or health insurance policies, should the issuing insurance company encounter financial instability. This is the organization's sole program and service, accounting for its entire operational focus. In the year 2022, the Association provided assistance to Idaho policyholders impacted by the collapse of eight insolvent insurers. Additionally, the Association offers support to insurance company receivers and former insureds, ensuring the proper handling of various insolvency estates. Overall, the Idaho Life & Health Insurance Guaranty Association serves as a safety net for insurance policyholders within the state.
Official website here: www.idlifega.org
Is Idaho Life & Health Insurance Guaranty Association legitimate?
Idaho Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Idaho 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $104,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.idlifega.org
What is the mission statement of Idaho Life & Health Insurance Guaranty Association?
The Idaho Life & Health Insurance Guaranty Association is established with the mission to safeguard policyholders in the event of an insolvency of the insurance company that issued their life, annuity, or health insurance policy. As per Chapter 41, Title 41, Idaho Code, this association provides protection to Idaho residents, ensuring their policy benefits in such unfortunate circumstances. The Association's purpose is entirely dedicated to this program service, which constitutes their entire operational focus. In the calendar year 2022, the association provided benefits to policyholders of 8 insolvent insurance companies, and also supported receivers and former insureds in various open and closed insolvency estates.
Official website here: www.idlifega.org
Who is the CEO of Idaho Life & Health Insurance Guaranty Association?
Candie Kinch is the Executive Director of Idaho Life & Health Insurance Guaranty Association.
Official website here: www.idlifega.org
What is the revenue of Idaho Life & Health Insurance Guaranty Association?
Idaho Life & Health Insurance Guaranty Association's revenue in 2022 was $368,009.
Official website here: www.idlifega.org
Who are the executives of Idaho Life & Health Insurance Guaranty Association and what are their salaries?
Here are 11 key members and their salaries:
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Official website here: www.idlifega.org
Where can I find the form 990 for Idaho Life & Health Insurance Guaranty Association?
Idaho Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.idlifega.org
Learn more at the official website: www.idlifega.org
Mission Statement of Idaho Life & Health Insurance Guaranty Association
The Idaho Life & Health Insurance Guaranty Association, as established by Section 41-4302, Idaho Code, is committed to safeguarding Idaho resident policyholders in the event of an insolvency scenario involving their life, annuity, or health insurance policies. Pursuant to this mission, the Association provides protection to policyholders in the unfortunate event that the issuing insurance company encounters financial difficulties, ensuring continuity and coverage for the policyholders' benefits. The Association's sole program and service is dedicated to fulfilling this mission, which led to providing policyholder benefits to 8 insolvent insurers' Idaho resident insureds in the year 2022. Moreover, the Association supports insurance company receivers and former insureds in managing open and closed insolvency estates.
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Impact
October, 2024
The Idaho Life & Health Insurance Guaranty Association plays a crucial role in protecting policyholders in the event of an insurance company's insolvency. When an insurer fails, the Association steps in to provide benefits to residents holding life, annuity, or health insurance policies issued by the failed company. This safeguard is vital for ensuring that policyholders can still access their benefits, maintaining financial stability and peace of mind for individuals and families across Idaho.
In 2022 alone, the Association provided policyholder benefits to insureds from eight insolvent insurers, demonstrating its direct impact on the lives of residents. Beyond offering benefits, the Association also extends support to insurance company receivers and former insureds in both open and closed insolvency cases, further exemplifying its commitment to protecting Idahoans during challenging times. Through its primary mission, the Association reinforces the importance of consumer protections in the insurance industry.
This information is meant to be a general summary of Idaho 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: $147,806
- Program Service Revenue: $220,203
- Gross Receipts: $368,009
Assets and Liabilities:
- Total Assets: $8,005,904
- Total Liabilities: $10,055
- Net Assets: $7,995,849
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Member insurer assessments
Revenue
$217,500
Insurance policy premiums
Revenue
$2,703
Organization Details
Founding Year
1977
Phone
(208) 378-9510Principal Officer
Candie Kinch
Main Address
6700 N Linder Rd Ste 156 Box 144, Meridian, ID, 83646
Website
www.idlifega.orgNTEE Category
Code: Y20 - Mutual benefit
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