Overview
What is Hawaii Life And Disability Insurance Guaranty Association?
Hawaii Life and Disability Insurance Guaranty Association is a nonprofit organization, established by the Hawaii State Legislature, with a primary mission to safeguard Hawaii policyholders and beneficiaries of life and health insurance policies issued by Hawaii-licensed companies that encounter financial difficulties or become insolvent. The Association's activities primarily revolve around managing and administering life, accident, health, and sickness insurance, as well as annuity accounts, in accordance with the Hawaii Life and Disability Insurance Guaranty Association Act. Approximately 48.5% of its expenses are dedicated to settling claims for affected policyholders and beneficiaries, while the remaining 51.5% is allocated to cover the Association's necessary operational expenses. The Association has a single focus on carrying out its mission, as outlined in the Hawaii Life and Disability Insurance Guaranty Association Act.
Official website here: www.hilifega.org
Is Hawaii Life And Disability Insurance Guaranty Association legitimate?
Hawaii Life And Disability Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Hawaii Life And 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $90,200
For more financial information, click here
Official website here: www.hilifega.org
What is the mission statement of Hawaii Life And Disability Insurance Guaranty Association?
The Hawaii Life and Disability Insurance Guaranty Association, established under the Hawaii Life and Disability Insurance Guaranty Association Act, is dedicated to safeguarding Hawaii policyholders and beneficiaries of policies issued by Hawaii-licensed life and health insurance companies in case of impairment or insolvency. Its mission, as outlined by the act, is to ensure the protection of these individuals, subject to certain limitations. The Association manages and administers various insurance accounts to fulfill this mission, with a significant portion of its expenses used to settle claims for Hawaii policyholders and beneficiaries of impaired or insolvent life and health insurance companies.
Official website here: www.hilifega.org
Who is the CEO of Hawaii Life And Disability Insurance Guaranty Association?
Margolee Lee is the Pacific Guardian Life Ins. Co. Ltd. of Hawaii Life And Disability Insurance Guaranty Association.
Official website here: www.hilifega.org
What is the revenue of Hawaii Life And Disability Insurance Guaranty Association?
Hawaii Life And Disability Insurance Guaranty Association's revenue in 2022 was $934,166.
Official website here: www.hilifega.org
Who are the executives of Hawaii Life And Disability Insurance Guaranty Association and what are their salaries?
The average compensation at Hawaii Life And Disability Insurance Guaranty Association during 2022 was $90,200. There is 1 employee at Hawaii Life And Disability Insurance Guaranty Association.
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- Compensation: $90,200
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Official website here: www.hilifega.org
Where can I find the form 990 for Hawaii Life And Disability Insurance Guaranty Association?
Hawaii Life And Disability Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hilifega.org
Learn more at the official website: www.hilifega.org
Mission Statement of Hawaii Life And Disability Insurance Guaranty Association
Hawaii Life and Disability Insurance Guaranty Association, abbreviated as the Association, is a nonprofit organization established by the Hawaii State Legislature with a primary mission to safeguard the interests of Hawaii residents and beneficiaries. This mission is executed when Hawaii-licensed life and health insurance companies encounter financial instability or insolvency. The Association operates under the Hawaii Life and Disability Insurance Guaranty Association Act and is committed to fulfilling this mandate within certain legal constraints.
In simple terms, the Association's mission is to provide financial protection to Hawaii's policyholders and beneficiaries when their insurance companies face challenges. This protection is extended to policyholders of impaired or insolvent life and health insurance companies, ensuring they receive their rightful benefits as per the guidelines specified by Hawaii law. The Association's activities primarily focus on managing and administering life insurance, accident, health, and sickness insurance, and annuity accounts. These accounts are designed to cater to the intended beneficiaries of the Hawaii Life and Disability Insurance Guaranty Association Act.
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Impact
October, 2024
Hawaii Life and Disability Insurance Guaranty Association (HLDIGA) plays a critical role in protecting policyholders in Hawaii by ensuring that individuals and beneficiaries are safeguarded against losses when licensed life and health insurance companies face insolvency or impairment. Established under the HLDIGA Act, it serves as a safety net for policyholders, providing coverage for life insurance, health insurance, and annuities.
The Association's significant expenditure—nearly half of its budget—is dedicated to settling claims, directly benefiting individuals affected by the failure of an insurance provider. This commitment underscores the Association’s mission to uphold the financial security of policyholders during distressing times. The remaining funds are utilized for essential operational costs, further enabling the Association to fulfill its protective function effectively.
In summary, HLDIGA plays a vital role in maintaining consumer confidence in the insurance market in Hawaii, ensuring that even in challenging situations, policyholders receive the benefits they are owed, thereby contributing to broader economic stability within the state.
This information is meant to be a general summary of Hawaii Life And 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 2022.
- Investment Income: $447,802
- Program Service Revenue: $486,364
- Gross Receipts: $9,144,911
Assets and Liabilities:
- Total Assets: $33,176,673
- Total Liabilities: $0
- Net Assets: $33,176,673
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Premiums
Revenue
$336,286
Early access distributions
Revenue
$150,078
Organization Details
Founding Year
1979
Phone
(808) 440-8763Principal Officer
Margolee Lee
Main Address
1003 BISHOP STREET 2030, HONOLULU, HI, 96813
Website
www.hilifega.orgNTEE Category
Code: Y20 - Mutual benefit
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