Overview
What is California Life & Health Insurance Guarantee Association?
The California Life & Health Insurance Guarantee Association is a nonprofit organization headquartered at 2999 Douglas Blvd Ste 180, Roseville, CA 95670. Established under Section 1067 of the California Insurance Code, their primary mission is to safeguard policyholders and their beneficiaries when their insurers face financial instability or insolvency. By providing essential protections, the Association ensures peace of mind and continuity of coverage for individuals in California.
Official website here: www.califega.org
What are the reviews and ratings of this charity?
The California Life & Health Insurance Guarantee Association is not currently rated by Charity Navigator. This absence of a rating is due to its status as an organization not registered as a 501(c)(3) with the IRS, which limits its eligibility for evaluation under Charity Navigator's typical methodology. It is important to note that not having a rating does not imply a negative or positive assessment but rather reflects the organization’s different operational structure.
The organization’s historical ratings largely focused on Accountability and Finance, but details such as Total Revenue, Expenses, and Salary of Key Persons are not available. Therefore, a comprehensive understanding of its financial health and management practices cannot be provided under Charity Navigator's current system. Additionally, this lack of financial transparency could leave potential donors and stakeholders with less concrete data to evaluate.
Without a rating from Charity Navigator and absence of user reviews from GreatNonprofits, any assessment of the organization's effectiveness or community impact is limited. Individuals interested in supporting or learning more about the Association may need to seek additional information directly from the organization to understand its mission, operational strategies, ongoing projects, and overall impact.
This AI summary has been generated from information found on Charity Navigator.
Is California Life & Health Insurance Guarantee Association legitimate?
California Life & Health Insurance Guarantee Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. California Life & Health Insurance Guarantee 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: $678,540
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For more financial information, click here
Official website here: www.califega.org
What is the mission statement of California Life & Health Insurance Guarantee Association?
The California Life & Health Insurance Guarantee Association was founded with a mission to safeguard policyholders and their beneficiaries of financially troubled or insolvent health and life insurance companies. In accordance with Section 1067 of the California Insurance Code, the Association ensures the continuity of insurance coverage for policyholders during the transition to a new insurer. By assuming the risks of policies from impaired or insolvent insurers, the Association offers peace of mind to those who may face uncertainty due to the instability of their current insurer. The ultimate goal of the Association is to maintain the financial stability of the insurance market and preserve the trust between policyholders and the insurance industry.
Official website here: www.califega.org
Who is the CEO of California Life & Health Insurance Guarantee Association?
Todd Thakar is the Principal Officer of California Life & Health Insurance Guarantee Association.
Official website here: www.califega.org
What is the revenue of California Life & Health Insurance Guarantee Association?
California Life & Health Insurance Guarantee Association's revenue in 2023 was $26,129,771.
Official website here: www.califega.org
Who are the executives of California Life & Health Insurance Guarantee Association and what are their salaries?
Here are 18 key members and their salaries:
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Official website here: www.califega.org
Where can I find the form 990 for California Life & Health Insurance Guarantee Association?
California Life & Health Insurance Guarantee Association's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.califega.org
Learn more at the official website: www.califega.org
Mission Statement of California Life & Health Insurance Guarantee Association
The California Life & Health Insurance Guarantee Association, also known as the Association, is a vital nonprofit organization that ensures the protection of policyholders and their beneficiaries when their insurers face financial instability. In alignment with Section 1067 of the California Insurance Code, the Association's primary mission is to provide essential safeguards in the face of impaired or insolvent insurance companies.
The Association's role is to offer security and peace of mind to those depending on insurance coverage. By stepping in during times of insurer distress, the organization ensures that policyholders' claims are paid and their coverage remains intact. This crucial intervention not only preserves the financial commitments made by insurers but also safeguards the trust and confidence that policyholders have in their insurance providers.
In essence, the California Life & Health Insurance Guarantee Association acts as a safety net for policyholders and their beneficiaries in the event of an insurer's insolvency. Its unwavering commitment to maintaining the continuity of insurance coverage allows policyholders to focus on their personal and financial well-being, without the added burden of worrying about the stability of their insurer.
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Impact
October, 2024
The California Life & Health Insurance Guarantee Association plays a crucial role in safeguarding policyholders and beneficiaries when insurance companies face financial difficulties. By providing protections to individuals with policies from impaired or insolvent insurers, the Association ensures that policyholders can maintain access to benefits even in the face of insurer insolvency. This not only instills confidence in the insurance system but also offers financial security to those who might otherwise be left vulnerable due to circumstances beyond their control. The Association operates under the guidelines of Section 1067 of the California Insurance Code, reinforcing the legislative framework that protects consumers and strengthens the overall stability of the insurance marketplace.
This information is meant to be a general summary of California Life & Health Insurance Guarantee 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: $823,274
- Program Service Revenue: $25,306,497
- Gross Receipts: $26,129,771
Assets and Liabilities:
- Total Assets: $80,932,488
- Total Liabilities: $97,001,201
- Net Assets: -$16,068,713
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
POLICYHOLDER PREMIUMS
Revenue
$17,184
INSOLVENCY ESTATE DISTRIBUTIONS
Revenue
$25,289,313
Organization Details
Founding Year
1991
Phone
(916) 631-1581Principal Officer
Todd Thakar
Main Address
2999 Douglas Blvd Ste 180, Roseville, CA, 956704444
Website
www.califega.orgNTEE Category
Code: Y20 - Mutual benefit
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