Overview
What is Nevada Life & Health Insurance Guaranty Association?
The Nevada Life and Health Insurance Guaranty Association is a nonprofit organization situated in Roseville, California. Its primary mission is to safeguard policyholders, insureds, beneficiaries, annuitants, payees, and assignees in Nevada, ensuring they are protected in the event of an insolvent insurance company that issued their life, health, or annuity policies. This is achieved by providing policyholder benefits and offering support to insurance company receivers and former insureds in various insolvency cases. The Association's activities are solely devoted to this cause and account for 100% of its time and efforts. In 2022, they extended benefits to Nevada residents of three insolvent insurers.
Official website here: www.nvlifega.org
Is Nevada Life & Health Insurance Guaranty Association legitimate?
Nevada Life & Health Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Nevada Life & 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: $132,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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Official website here: www.nvlifega.org
What is the mission statement of Nevada Life & Health Insurance Guaranty Association?
The Nevada Life & Health Insurance Guaranty Association's primary mission is to safeguard policyholders and their beneficiaries in case of an insolvency of the insurance company that issued their life, health, or annuity insurance policy. The purpose of this organization is to shield policy owners, insureds, beneficiaries, annuitants, payees, and assignees from the non-fulfillment of contractual obligations due to the financial instability or bankruptcy of the insurance company. In fulfilling its role, the Association provides support to insurance company receivers and offers benefits to insureds of insolvent insurers, as per the limitations outlined by Nevada state law. In 2022, the Association provided policyholder benefits to Nevada residents affected by the collapse of three insurance companies.
Official website here: www.nvlifega.org
Who is the CEO of Nevada Life & Health Insurance Guaranty Association?
Todd Thakar is the Executive Director of Nevada Life & Health Insurance Guaranty Association.
Official website here: www.nvlifega.org
What is the revenue of Nevada Life & Health Insurance Guaranty Association?
Nevada Life & Health Insurance Guaranty Association's revenue in 2022 was $131,195.
Official website here: www.nvlifega.org
Who are the executives of Nevada Life & Health Insurance Guaranty Association and what are their salaries?
Here are 13 key members and their salaries:
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Official website here: www.nvlifega.org
Where can I find the form 990 for Nevada Life & Health Insurance Guaranty Association?
Nevada Life & Health Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nvlifega.org
Learn more at the official website: www.nvlifega.org
Mission Statement of Nevada Life & Health Insurance Guaranty Association
The Nevada Life & Health Insurance Guaranty Association is a mission-driven organization committed to safeguarding Nevada residents and their beneficiaries against the potential financial repercussions of an insolvent insurance company. Specifically, this organization ensures the fulfillment of contractual obligations under life, health, and annuity insurance policies when the issuing company encounters financial instability or fails to meet its obligations. The primary objective of the Nevada Life and Health Insurance Guaranty Association is to provide a safety net for policyholders, insureds, beneficiaries, annuitants, payees, and assignees, offering them protection in accordance with the limitations set by Nevada state law. In the event of an insurer's failure, this association steps in to provide policyholder benefits to Nevada residents, thereby upholding the integrity of the insurance industry and maintaining trust in its operations.
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Impact
October, 2024
The Nevada Life & Health Insurance Guaranty Association plays a critical role in safeguarding residents against the potential financial fallout from the insolvency of insurance companies. By providing protection to policyholders and their beneficiaries, the association ensures that individuals remain protected in the event their insurer is unable to fulfill its contractual obligations.
In 2022, the association notably assisted Nevada resident insureds affected by the insolvencies of three insurance companies, highlighting its direct impact on the financial security of policyholders in the state. This program is crucial, given that life, health, and annuity insurance policies are often long-term financial commitments that individuals rely on for security and stability.
The association's commitment extends beyond just providing benefits to direct policyholders, as it also offers support to insurance company receivers and former insureds pertaining to various insolvencies. Overall, the Nevada Life & Health Insurance Guaranty Association serves as a vital safety net, ensuring that even in challenging circumstances, individuals can maintain a measure of financial security and peace of mind connected to their insurance policies.
This information is meant to be a general summary of Nevada Life & 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 2022.
- Investment Income: $60,436
- Program Service Revenue: $70,759
- Gross Receipts: $131,195
Assets and Liabilities:
- Total Assets: $9,428,362
- Total Liabilities: $15,883
- Net Assets: $9,412,479
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Insolvency estate distributions
Revenue
$21,284
Insurance policy premiums
Revenue
$49,475
Organization Details
Founding Year
1975
Phone
(916) 631-1581Principal Officer
Todd Thakar
Main Address
2999 DOUGLAS BLVD STE 180, ROSEVILLE, CA, 95670
Website
www.nvlifega.orgNTEE Category
Code: Y20 - Mutual benefit
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