Overview
What is Washington Life & Disability Insurance Guaranty Association?
The Washington Life & Disability Insurance Guaranty Association is a nonprofit organization established to safeguard policyholders of impaired or insolvent insurance companies. Operating in accordance with Chapter 48.32A of the Revised Code of Washington, their primary mission is to provide certain protections for policyholders in such challenging circumstances. This organization serves as a vital resource for policyholders, ensuring they receive the benefits they are entitled to when their insurers face financial difficulties.
Official website here: www.walifega.org
Is Washington Life & Disability Insurance Guaranty Association legitimate?
Washington Life & Disability Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Washington Life & Disability 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: $174,972
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.walifega.org
What is the mission statement of Washington Life & Disability Insurance Guaranty Association?
The Washington Life & Disability Insurance Guaranty Association was established with a mission to provide specific safeguards to policyholders of financially distressed or insolvent insurance companies, in compliance with Chapter 48.32A of the Revised Code of Washington. This organization serves to ensure that policyholders maintain their coverage and receive benefits, providing a level of security in the event of an insurer's inability to fulfill its obligations. The association operates within the legal framework provided by the state to safeguard policyholders' interests and maintain the stability of the insurance market.
Official website here: www.walifega.org
What is the revenue of Washington Life & Disability Insurance Guaranty Association?
Washington Life & Disability Insurance Guaranty Association's revenue in 2023 was $10,419,474.
Official website here: www.walifega.org
Who are the executives of Washington Life & Disability Insurance Guaranty Association and what are their salaries?
Here are 11 key members and their salaries:
- Compensation: $174,972
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Official website here: www.walifega.org
Where can I find the form 990 for Washington Life & Disability Insurance Guaranty Association?
Washington Life & Disability Insurance Guaranty Association's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.walifega.org
Learn more at the official website: www.walifega.org
Mission Statement of Washington Life & Disability Insurance Guaranty Association
The Washington Life & Disability Insurance Guaranty Association was established with a mission to provide specific protections to policyholders of financially struggling or insolvent insurance companies. In accordance with Chapter 48.32A of the Revised Code of Washington, this organization is committed to safeguarding policyholders' interests, ensuring they maintain coverage and receive benefits, even if their original insurer encounters financial difficulties. The association's mission is a vital safeguard for policyholders, providing peace of mind and financial security during challenging times.
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Impact
October, 2024
The Washington Life & Disability Insurance Guaranty Association plays a crucial role in protecting policyholders in the event that their insurance providers become impaired or insolvent. Established in accordance with Chapter 48.32A of the Revised Code of Washington, it offers a safety net for individuals who may otherwise face significant financial loss due to the failure of their insurer.
By providing these protections, the association helps instill confidence in the life and disability insurance market, ensuring that consumers can rely on their policies even during challenging times. This support is essential for maintaining stability within the insurance industry and protecting vulnerable policyholders, contributing to overall community improvement and financial security for residents in Washington.
This information is meant to be a general summary of Washington Life & Disability 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: $59,250
- Program Service Revenue: $10,032,399
- Gross Receipts: $34,091,649
Assets and Liabilities:
- Total Assets: $17,170,547
- Total Liabilities: $38,297
- Net Assets: $17,132,250
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSESSMENTS OF MEMBER INSURERS
Revenue
$10,000,000
PREMIUMS COLLECTED
Revenue
$32,399
Organization Details
Founding Year
1975
Principal Officer
Michael N O'Day
Website
www.walifega.orgNTEE Category
Code: S40 - Community improvement
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