Overview
What is North Carolina Insurance Guaranty Associ?
The North Carolina Insurance Guaranty Associ is a nonprofit organization established to ensure the payment of covered claims under certain insurance policies, avoiding excessive delays and financial losses for policyholders in the event of an insurer's insolvency. It also works towards detecting and preventing insurer insolvencies, providing an association for assessing the potential loss of protection among insurers. The organization receives funds from the North Carolina Department of Insurance following insolvency declarations and from the insolvent company's liquidator. Its claims staff reviews and processes unpaid claims and unearned premiums, making payments as required. As of the end of 2022, there were 42 insolvencies with a total of 332 open claims, and 7,603 claims have been closed. The total expenses for claim and premium refund amounted to $15,708,339.
Official website here: www.ncrb.org/nciga
Is North Carolina Insurance Guaranty Associ legitimate?
North Carolina Insurance Guaranty Associ is a legitimate nonprofit organization registered as a 501(c)(6) entity. North Carolina Insurance Guaranty Associ 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 not tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $228,893
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,708,797
For more financial information, click here
Official website here: www.ncrb.org/nciga
What is the mission statement of North Carolina Insurance Guaranty Associ?
The North Carolina Insurance Guaranty Association serves as a safety net for policyholders in the event of an insurer's insolvency. Its mission is to facilitate the payment of covered claims under certain insurance policies, preventing excessive payment delays and shielding claimants from financial losses. The Association also plays a crucial role in detecting and preventing insurer insolvencies, and provides a platform for assessing the loss of such protection among insurers. In essence, the North Carolina Insurance Guaranty Association safeguards the financial security of policyholders by ensuring the continuity of insurance coverage during times of insurer instability.
Official website here: www.ncrb.org/nciga
Who is the CEO of North Carolina Insurance Guaranty Associ?
Edith Davis is the Chief Financial Officer of North Carolina Insurance Guaranty Associ.
Official website here: www.ncrb.org/nciga
What is the revenue of North Carolina Insurance Guaranty Associ?
North Carolina Insurance Guaranty Associ's revenue in 2022 was $25,291,670.
Official website here: www.ncrb.org/nciga
Who are the executives of North Carolina Insurance Guaranty Associ and what are their salaries?
The average compensation at North Carolina Insurance Guaranty Associ during 2022 was $215,299. There are 9 employees and 7 volunteers at North Carolina Insurance Guaranty Associ.
Here are 14 key members and their salaries:
- Edith Davis (Chief Financial Officer)
- Raymond Evans (General Manager (To 3/2022))
- Donna Kallianos (Chief Operating Officer)
- Joanna Biliouris (General Manager (From 3/2022))
- Tammy Choboy (Technical & Administrative Manager)
- Kim Powell (Claims Manager)
- Kathlyn Gorman (Litigation Manager)
- Nc Farm Bureau Mutual Insurance Compa (Board Chairman)
- State Farm Mutual Auto Insurance Comp (Vice Chairman)
- Allstate Insurance Company (Director)
- Builders Mutual Insurance Company (Director)
- Erie Insurance (Director (From 11/2022))
- Nationwide Mutual Insurance Company (Director)
- Travelers Indemnity Company (Director)
Official website here: www.ncrb.org/nciga
Where can I find the form 990 for North Carolina Insurance Guaranty Associ?
The North Carolina Insurance Guaranty Associ’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.ncrb.org/nciga
Learn more at the official website: www.ncrb.org/nciga
Mission Statement of North Carolina Insurance Guaranty Associ
The North Carolina Insurance Guaranty Associations's mission revolves around providing a safety net for policyholders in the event of insurer insolvencies. This essential organization ensures the payment of covered claims under certain insurance policies, thereby safeguarding claimants from excessive delays and financial losses. By doing so, it plays a pivotal role in maintaining trust and confidence in the insurance industry.
The North Carolina Insurance Guaranty Association is more than just an insurance backup plan. Its primary objective is to prevent excessive delays in claim payouts by swiftly stepping in when an insurer faces insolvency. This proactive approach not only protects claimants from financial hardships but also helps maintain a stable insurance market.
Furthermore, the association works diligently to detect and prevent insurer insolvencies, thereby minimizing the risk of loss of protection among insurers. Its mission extends beyond just providing a financial cushion; it aims to foster transparency and trust within the insurance sector. By assessing the loss of such protection among insurers, the North Carolina Insurance Guaranty Association plays a crucial role in promoting financial stability and reliability within the industry.
Impact
This information is meant to be a general summary of North Carolina Insurance Guaranty Associ. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
The North Carolina Insurance Guaranty Association's impact is significant in providing a mechanism for the payment of covered claims under certain insurance policies. This helps to avoid excessive delays in payment and prevents financial loss to claimants of policyholders due to insurer insolvency. The association also plays a role in detecting and preventing insurer insolvencies, while assessing the loss of protection among insurers. Through its activities, the association ensures that policyholders are protected and receive the necessary support in the event of insurer insolvency, contributing to the stability of the insurance industry in North Carolina.
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.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DUES AND ASSESSMENTS
Revenue
$21,112,221
INSOLVENT COMPANY LIQUIDATION
Revenue
$1,519,965
Organization Details
Founding Year
1971
Phone
(919) 783-9790
Principal Officer
Edith Davis
Main Address
2910 SUMNER BLVD, RALEIGH, NC, 27616
Website
www.ncrb.org/nciga
NTEE Category
Code: Y20 - Mutual benefit
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