Overview
What is New Mexico Property And Casualty Insurance Guaranty Association?
The New Mexico Property and Casualty Insurance Guaranty Association is a nonprofit organization situated in Albuquerque, New Mexico. Its primary function is to manage and settle insurance claims for financially struggling property and casualty insurance companies, as stipulated by the New Mexico Property and Casualty Insurance Guaranty Act. In 2022, they handled and resolved 143 such claims. This association plays a crucial role in ensuring policyholders receive coverage for their losses when their insurance company becomes insolvent.
Official website here: www.nmpciga.com
Is New Mexico Property And Casualty Insurance Guaranty Association legitimate?
New Mexico Property And Casualty Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. New Mexico Property And Casualty 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:
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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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Official website here: www.nmpciga.com
What is the mission statement of New Mexico Property And Casualty Insurance Guaranty Association?
The New Mexico Property and Casualty Insurance Guaranty Association's mission is centered around providing financial assistance for covered claims when insolvent property and casualty insurance companies fail to meet their obligations, as stipulated by the New Mexico Property and Casualty Insurance Guaranty Act. In such instances, this association steps in to ensure policyholders receive the compensation they are entitled to. In 2022, the association handled and resolved 143 claims in this capacity.
Official website here: www.nmpciga.com
What is the revenue of New Mexico Property And Casualty Insurance Guaranty Association?
New Mexico Property And Casualty Insurance Guaranty Association's revenue in 2023 was $2,306,033.
Official website here: www.nmpciga.com
Who are the executives of New Mexico Property And Casualty Insurance Guaranty Association and what are their salaries?
Here are 5 key members and their salaries:
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Official website here: www.nmpciga.com
Where can I find the form 990 for New Mexico Property And Casualty Insurance Guaranty Association?
New Mexico Property And Casualty Insurance Guaranty Association's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.nmpciga.com
Learn more at the official website: www.nmpciga.com
Mission Statement of New Mexico Property And Casualty Insurance Guaranty Association
The New Mexico Property and Casualty Insurance Guaranty Association is a vital organization with a primary mission to ensure the payment of covered claims for insolvent insurance companies, as outlined in the New Mexico Property and Casualty Insurance Guaranty Act. This mission is crucial in safeguarding policyholders, providing them with the financial protection they deserve, even when their original insurance providers face insolvency. In 2022, the association successfully adjusted and paid out 143 claims, demonstrating its commitment to fulfilling its responsibilities under the Act.
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Impact
October, 2024
The New Mexico Property and Casualty Insurance Guaranty Association plays a crucial role in the state's insurance landscape by ensuring that policyholders are protected when insurance companies become insolvent. Its primary function is to adjust and pay claims for covered losses under policies governed by the New Mexico Property and Casualty Insurance Guaranty Act.
In 2022 alone, the association successfully adjusted and paid 143 claims, providing vital financial support to affected individuals and businesses. This protective mechanism fosters consumer confidence in the insurance market, knowing that there is a backup system in place for times of financial instability within insurance companies. By mitigating the risks associated with insolvency, the association contributes to a more stable and reliable insurance environment for residents of New Mexico.
This information is meant to be a general summary of New Mexico Property And Casualty 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: $368,938
- Program Service Revenue: $1,937,095
- Gross Receipts: $2,306,033
Assets and Liabilities:
- Total Assets: $21,973,329
- Total Liabilities: $0
- Net Assets: $21,973,329
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
REIMB. FROM INSUR. COMP.
Revenue
$1,936,945
ASSESSMENTS
Revenue
$150
Organization Details
Founding Year
1975
Principal Officer
Justin Marcusson
Website
www.nmpciga.comNTEE Category
Code: Y20 - Mutual benefit
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