Overview
What is Life & Health Insurance Protection Association?
The Life & Health Insurance Protection Association is a nonprofit organization headquartered in Oklahoma City, Oklahoma. Their primary focus is to fulfill claims and address contractual obligations related to existing life and health insurance policies from insolvent insurers, as outlined in Colorado statutes and the organization's operational plan. By doing so, they provide assistance to policyholders in need.
Official website here: www.colifega.org
Is Life & Health Insurance Protection Association legitimate?
Life & Health Insurance Protection Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Life & Health Insurance Protection 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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Official website here: www.colifega.org
What is the mission statement of Life & Health Insurance Protection Association?
The Life & Health Insurance Protection Association is committed to fulfilling the obligations of insolvent life and health insurers. In accordance with Colorado laws and the Association's operational plan, they work towards settling insurance claims and addressing other contractual responsibilities for existing policies. Their primary focus is on paying out life, health, and annuity claims for insolvent insurers, ensuring policyholders receive the benefits they are entitled to.
Official website here: www.colifega.org
What is the revenue of Life & Health Insurance Protection Association?
Life & Health Insurance Protection Association's revenue in 2023 was $32,441,213.
Official website here: www.colifega.org
Who are the executives of Life & Health Insurance Protection Association and what are their salaries?
Here are 9 key members and their salaries:
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Official website here: www.colifega.org
Where can I find the form 990 for Life & Health Insurance Protection Association?
Life & Health Insurance Protection Association's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.colifega.org
Learn more at the official website: www.colifega.org
Mission Statement of Life & Health Insurance Protection Association
The Life & Health Insurance Protection Association, a nonprofit organization, is dedicated to fulfilling the contractual obligations of insolvent life and health insurers. In accordance with Colorado statutes and the Association's operational plan, this organization assumes the responsibility of paying claims and addressing other contractual obligations for existing policies of bankrupt insurers. By doing so, the Life & Health Insurance Protection Association provides much-needed financial security to policyholders during difficult times.
This crucial role played by the Life & Health Insurance Protection Association ensures that individuals continue to receive the benefits they are entitled to under their insurance policies. By assuming the financial burden of insolvent insurers, the organization alleviates the stress and uncertainty faced by policyholders. In essence, the Life & Health Insurance Protection Association acts as a safety net, safeguarding the financial future of those who rely on their insurance coverage.
Moreover, the Association's mission extends beyond just payment of claims. It addresses the contractual obligations of insolvent insurers, ensuring that policyholders receive the full extent of the benefits they are entitled to. This commitment to upholding the promises made by insurers provides peace of mind and stability for those who need it most. In a nutshell, the Life & Health Insurance Protection Association serves as a vital bridge for policyholders, connecting them to the benefits they deserve even when their insurers face financial instability.
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Impact
October, 2024
The Life & Health Insurance Protection Association plays a crucial role in maintaining the stability and confidence of policyholders facing the insolvency of their life and health insurance providers. By facilitating the payment of claims, including life, health, and annuity claims, the Association ensures that individuals continue to receive the benefits they are entitled to under their existing insurance policies, even in the event of insurer bankruptcy.
Located in Oklahoma City, the Association operates in accordance with Colorado statutes and adheres to a comprehensive plan of operation designed to address the contractual obligations of insolvent insurers. This structured approach not only protects policyholders but also enhances trust in the insurance industry as a whole. By fulfilling these obligations, the Association mitigates the financial impact on policyholders, providing reassurance during uncertain times and promoting the overall integrity of insurance markets.
Through its efforts, the Life & Health Insurance Protection Association contributes to the mutual benefit of all stakeholders, ensuring that individuals can rely on their insurance coverage without fear of losing their benefits due to the insolvency of their insurers.
This information is meant to be a general summary of Life & Health Insurance Protection 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: $496,766
- Program Service Revenue: $31,944,447
- Gross Receipts: $32,441,213
Assets and Liabilities:
- Total Assets: $25,269,754
- Total Liabilities: $3,002
- Net Assets: $25,266,752
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ESTATE DISTRIBUTIONS/LIQUIDATIONS
Revenue
$31,943,736
PREMIUMS
Revenue
$711
Organization Details
Founding Year
1991
Principal Officer
Lori Geadelmann
Website
www.colifega.orgNTEE Category
Code: Y20 - Mutual benefit
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