Overview
What is Wyoming Life And Health Insurance Guaranty Association?
Wyoming Life and Health Insurance Guaranty Association is a nonprofit organization based in Meridian, Idaho. Its primary purpose, as per Wyoming law, is to safeguard Wyoming residents with life, health insurance, and annuity contracts if their issuing insurer experiences financial instability or insolvency. In such situations, the association provides necessary benefits to affected policyholders, following the coverage limits outlined in the Wyoming Life and Health Insurance Guaranty Association Act. In 2022, the association aided resident insureds of two insolvent insurers and offered support to various insolvency estates.
Official website here: www.wylifega.org
Is Wyoming Life And Health Insurance Guaranty Association legitimate?
Wyoming Life And Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Wyoming 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: $100,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.wylifega.org
What is the mission statement of Wyoming Life And Health Insurance Guaranty Association?
The Wyoming Life and Health Insurance Guaranty Association's mission is centered around providing protection to policyholders residing in Wyoming. In the event of an insurance company's failure, this association ensures the continuity of life, annuity, and health insurance coverage for affected policyholders, as per Wyoming law. The organization's primary objective is to safeguard policyholders in such situations, in accordance with the Wyoming Life and Health Insurance Guaranty Association Act. In 2022, the association offered benefits to resident insureds of two insolvent insurers and provided support to various open and closed insolvency estates.
Official website here: www.wylifega.org
What is the revenue of Wyoming Life And Health Insurance Guaranty Association?
Wyoming Life And Health Insurance Guaranty Association's revenue in 2023 was $217,145.
Official website here: www.wylifega.org
Who are the executives of Wyoming Life And Health Insurance Guaranty Association and what are their salaries?
Here are 10 key members and their salaries:
- Compensation: $100,000
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Official website here: www.wylifega.org
Where can I find the form 990 for Wyoming Life And Health Insurance Guaranty Association?
Wyoming Life And Health Insurance Guaranty Association's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.wylifega.org
Learn more at the official website: www.wylifega.org
Mission Statement of Wyoming Life And Health Insurance Guaranty Association
The Wyoming Life and Health Insurance Guaranty Association, in essence, serves to safeguard Wyoming residents who hold life, health insurance, or annuity contracts. This association operates under Wyoming law, aiming to offer protection to policyholders in the event of an insurance company's failure. In simpler terms, the association's mission is to ensure financial security for the policyholders of insolvent insurance companies licensed to operate in Wyoming, within the coverage limits defined by the Wyoming Life and Health Insurance Guaranty Association Act. In 2022, the association provided policyholder benefits to residents of two such insolvent insurance companies. Furthermore, it offered support to the policyholders and receivers of multiple open and closed insolvency estates, demonstrating its commitment to upholding this important responsibility.
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Impact
October, 2024
Wyoming Life And Health Insurance Guaranty Association plays a crucial role in safeguarding the financial security of Wyoming residents by providing a safety net for policyholders in the event of an insurance company's insolvency. When an insurer fails, the Association ensures that residents who hold life, annuity, or health insurance policies still receive benefits, thus protecting them from the financial repercussions that could arise from a lost coverage.
In 2022, the Association provided assistance to policyholders of two insolvent insurers, demonstrating its direct impact on the lives of affected residents. This support helps maintain consumer confidence in the insurance system, as individuals can trust that there are measures in place to protect them should an insurer face financial difficulties. Additionally, the Association assists in the management of both open and closed insolvency estates, ensuring that policyholders receive the benefits they are entitled to.
By offering these protections, the Wyoming Life And Health Insurance Guaranty Association reinforces the stability of the insurance marketplace, contributing to the overall trust and security of the community.
This information is meant to be a general summary of Wyoming 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 2023.
- Investment Income: $53,928
- Program Service Revenue: $163,217
- Gross Receipts: $217,145
Assets and Liabilities:
- Total Assets: $4,478,370
- Total Liabilities: $0
- Net Assets: $4,478,370
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Member company assessments
Revenue
$1,600
Recoveries from insolvency estates
Revenue
$161,617
Organization Details
Founding Year
1990
Principal Officer
Kerry Hall
Website
www.wylifega.orgNTEE Category
Code: S40 - Community improvement
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