Overview
What is Anic Protected Cell Of Ltc Re?
Anic Protected Cell of Ltc Re is a protected cell captive insurance company, established by the National Organization of Life and Health Guaranty Associations. This organization comprises state-level life and health insurance Guaranty Associations, who have been impacted by the insolvency of Penn Treaty Network America Insurance Company and its subsidiary, American Network Insurance Company. The primary role of Anic Protected Cell of Ltc Re is to serve as a safety net for the insurance industry and its consumers, ensuring they are covered in the event of an insolvent life and health insurance company being unable to fulfill its claim obligations. The company achieves this by reinsuring the obligations of its member associations to service the covered policyholders.
Is Anic Protected Cell Of Ltc Re legitimate?
Anic Protected Cell Of Ltc Re is a legitimate nonprofit organization registered as a 501(c)(6) entity. Anic Protected Cell Of Ltc Re 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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What is the mission statement of Anic Protected Cell Of Ltc Re?
Anic Protected Cell of LTC RE is a protected cell captive insurance company established by the National Organization of Life and Health Guaranty Associations. The guaranty associations, which are affected by the insolvency of Penn Treaty Network America Insurance Company or its wholly-owned subsidiary, American Network Insurance Company, reinsure their obligations to LTC RE to ensure the covered policyholders are served. This safety net provided by the guaranty associations safeguards the insurance industry and its consumers, offering financial protection in case a life and health insurance company becomes insolvent and unable to pay claims.
Who is the CEO of Anic Protected Cell Of Ltc Re?
Brenda J Cushing is the President of Anic Protected Cell Of Ltc Re.
What is the revenue of Anic Protected Cell Of Ltc Re?
Anic Protected Cell Of Ltc Re's revenue in 2022 was $6,515,210.
Who are the executives of Anic Protected Cell Of Ltc Re and what are their salaries?
There 20 volunteers at Anic Protected Cell Of Ltc Re.
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Where can I find the form 990 for Anic Protected Cell Of Ltc Re?
Anic Protected Cell Of Ltc Re's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Anic Protected Cell Of Ltc Re
Anic Protected Cell of LTC RE, a protected cell captive insurance company, was formed in response to the insolvency of Penn Treaty Network America Insurance Company and its wholly owned subsidiary, American Network Insurance Company. This initiative was spearheaded by the National Organization of Life and Health Guaranty Associations, comprising life and health insurance state guaranty associations that were impacted by the financial instability of these companies. The primary mission of Anic Protected Cell of LTC RE is to reassure the obligations of these guaranty associations towards their covered policyholders. In simpler terms, this organization serves as a safety net for the insurance industry and its consumers, ensuring that they are protected in the event a life and health insurance company becomes insolvent and is unable to fulfill its claim obligations. The guaranty associations transfer their obligations to Anic Protected Cell of LTC RE, thereby ensuring the continuity of coverage for policyholders.
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Impact
October, 2024
Anic Protected Cell of LTC Re plays a crucial role in safeguarding policyholders affected by the insolvency of specific life and health insurance companies, notably Penn Treaty Network America Insurance Company and its subsidiary, American Network Insurance Company. By functioning as a protected cell captive insurance company, Anic provides a mechanism for member guaranty associations to reinsure their obligations, ensuring that those reliant on these insurance policies can receive the benefits they are entitled to when insolvency occurs.
The impact of Anic is multifaceted. It acts as a stabilizing force within the insurance industry, reassuring consumers that there is a safety net in place. This not only helps maintain consumer confidence in life and health insurance products but also protects the financial integrity of the insurance market as a whole. Furthermore, by allowing guaranty associations to collaboratively manage the risks associated with insolvency, Anic enhances the collective capacity to meet claims, thus bolstering the overall resilience of the industry during challenging financial times.
In summary, Anic stands as a vital entity that mitigates the effects of insurance company insolvencies, ensuring that policyholders receive their due benefits and helping to sustain the trust necessary for a stable insurance environment.
This information is meant to be a general summary of Anic Protected Cell Of Ltc Re. 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: $4,456,454
- Program Service Revenue: $2,058,756
- Gross Receipts: $84,544,806
Assets and Liabilities:
- Total Assets: $289,363,441
- Total Liabilities: $286,511,193
- Net Assets: $2,852,248
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
REINSURANCE PREMIUM
Revenue
$2,058,756
Organization Details
Founding Year
2016
Phone
(202) 589-2810Principal Officer
Brenda J Cushing
Main Address
1500 K ST NW 1100, WASHINGTON, DC, 20005
NTEE Category
Code: S40 - Community improvement
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