Overview
What is Penn Treaty Protected Cell Of Ltc Re?
Penn Treaty Protected Cell of Ltc Re is a protected cell captive insurance company established by the National Organization of Life and Health Guaranty Associations. The organization comprises life and health insurance state guaranty associations that have been affected by the insolvency of Penn Treaty Network America Insurance Company and its wholly owned subsidiary, American Network Insurance Company. The members of this nonprofit reinsure their obligations to Ltc Re to ensure the covered policyholders are serviced effectively. Essentially, Penn Treaty Protected Cell of Ltc Re acts as a safety net for the insurance industry and its consumers, providing financial security in the event that a life and health insurance company becomes insolvent and unable to meet its claim obligations.
Is Penn Treaty Protected Cell Of Ltc Re legitimate?
Penn Treaty Protected Cell Of Ltc Re is a legitimate nonprofit organization registered as a 501(c)(6) entity. Penn Treaty 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 Penn Treaty Protected Cell Of Ltc Re?
The Penn Treaty Protected Cell of LTC RE is a protected cell captive insurance company established by the National Organization of Life and Health Guarity Associations. This organization comprises life and health insurance state guaranty associations, which have reinsured their obligations to LTC RE to ensure the covered policyholders are serviced. The guaranty associations function as a safety net for the insurance industry and its consumers, providing financial support in the event a life and health insurance company becomes insolvent and unable to pay claims.
Who is the CEO of Penn Treaty Protected Cell Of Ltc Re?
Brenda J Cushing is the President of Penn Treaty Protected Cell Of Ltc Re.
What is the revenue of Penn Treaty Protected Cell Of Ltc Re?
Penn Treaty Protected Cell Of Ltc Re's revenue in 2022 was $119,635,011.
Who are the executives of Penn Treaty Protected Cell Of Ltc Re and what are their salaries?
There 20 volunteers at Penn Treaty Protected Cell Of Ltc Re.
Here are 15 key members and their salaries:
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Where can I find the form 990 for Penn Treaty Protected Cell Of Ltc Re?
Penn Treaty Protected Cell Of Ltc Re's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Penn Treaty Protected Cell Of Ltc Re
Penn Treaty Protected Cell of LTC Re, a protected cell captive insurance company, was established by the National Organization of Life and Health Guarancy Associations. This organization comprises life and health insurance state guarancy associations that have been impacted by the insolvency of Penn Treaty Network America Insurance Company and its wholly owned subsidiary, American Network Insurance Company.
In response to the insolvency of these companies, the guarancy associations came together to form Penn Treaty Protected Cell of LTC Re. The mission of this nonprofit entity is to reinstate the obligations of its member guaranty associations to service the covered policyholders. The members of this association transfer their responsibilities to LTC Re, ensuring that claims are paid to policyholders, thus providing a safety net for the insurance industry and its consumers.
The National Organization of Life and Health Guarancy Associations plays a crucial role in maintaining financial stability within the insurance industry. By providing a safety net in the event a life and health insurance company becomes insolvent and unable to pay claims, these guaranty associations protect both the industry and its customers. With the creation of Penn Treaty Protected Cell of LTC Re, the association was able to effectively manage its obligations to policyholders, preserving trust and confidence in the insurance industry during challenging times.
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Impact
October, 2024
Penn Treaty Protected Cell Of LTC Re plays a critical role in the insurance landscape by serving as a protective mechanism for policyholders affected by the insolvency of Penn Treaty Network America Insurance Company and its subsidiary, American Network Insurance Company. It operates as a protected cell captive insurance company that allows member life and health insurance state guaranty associations to re-insure their obligations. This setup ensures that covered policyholders continue to receive the benefits and services they are entitled to, thereby providing a crucial safety net in the event of an insurance company's failure.
The establishment of LTC Re is particularly significant for maintaining consumer confidence in the insurance industry. By enabling guaranty associations to collectively manage their liabilities and assure policyholders that they will be supported despite a company's insolvency, LTC Re helps to stabilize the market and protect consumers' interests. The collaboration among various state guaranty associations under LTC Re offers a unified approach to risk management and financial security, reinforcing the overall integrity of the insurance system.
Ultimately, Penn Treaty Protected Cell Of LTC Re impacts consumers directly by safeguarding their benefits and ensuring continuity in care and financial support, especially in the context of long-term care insurance. This function not only addresses immediate financial concerns but also contributes to community improvement by fostering a more reliable insurance framework.
This information is meant to be a general summary of Penn Treaty 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: $32,997,556
- Program Service Revenue: $86,637,455
- Gross Receipts: $501,243,224
Assets and Liabilities:
- Total Assets: $1,857,935,821
- Total Liabilities: $1,839,652,410
- Net Assets: $18,283,411
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
REINSURANCE PREMIUMS
Revenue
$86,637,455
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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