Overview
What is Florida Insurance Guaranty Association Inc?
The Florida Insurance Guaranty Association Inc is a nonprofit organization headquartered in Tallahassee, Florida. With approximately 784 members, they play a crucial role in the insurance sector by ensuring the payment of covered claims when insolvent insurers are unable to do so. This association not only provides financial support but also aids in the detection and prevention of potential insurer insolvencies. Their mission involves creating a mechanism for the payment of covered claims and contributing to the safeguarding of the insurance industry. In the year 2022, they handled 11,448 claims to maintain the trust and stability within the insurance market.
Official website here: www.figafacts.com
Is Florida Insurance Guaranty Association Inc legitimate?
Florida Insurance Guaranty Association Inc is a legitimate nonprofit organization registered as a 501(c)(6) entity. Florida Insurance Guaranty Association Inc 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: $256,742
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,729,050
For more financial information, click here
Official website here: www.figafacts.com
What is the mission statement of Florida Insurance Guaranty Association Inc?
The Florida Insurance Guaranty Association Inc serves a crucial role in the insurance industry by providing a mechanism for the payment of covered claims when insolvent insurers are unable to do so. This organization goes beyond just making payments, as it also aids in the detection and prevention of insurer insolvencies. In 2022, the Association handled 11,448 claims, demonstrating the importance of its mission. With approximately 784 members, the Association's influence reaches a significant number of individuals and businesses.
Official website here: www.figafacts.com
Who is the CEO of Florida Insurance Guaranty Association Inc?
Corey Neal is the Chairwoman of Florida Insurance Guaranty Association Inc.
Official website here: www.figafacts.com
What is the revenue of Florida Insurance Guaranty Association Inc?
Florida Insurance Guaranty Association Inc's revenue in 2022 was $646,169,972.
Official website here: www.figafacts.com
Who are the executives of Florida Insurance Guaranty Association Inc and what are their salaries?
The average compensation at Florida Insurance Guaranty Association Inc during 2022 was $82,741. There are 24 employees and 8 volunteers at Florida Insurance Guaranty Association Inc.
Here are 11 key members and their salaries:
- Delene Loughran (Senior Claims Manager)
- Lenox Godfrey (Director Of Figa Claims)
- Corey Neal (Chief Operating Officer)
- Kimberly Blackburn (Chairwoman) [Trustee/Director]
- Ray Waugh (Director)
- Pamela Matthews (Vice Chairman) [Trustee/Director]
- Charles Lydecker (Director)
- Carly Hermanson (Director)
- Paula Lutes (Secretary/Treasurer) [Trustee/Director]
- Rene Hernandez (Director)
- Brent Brummer (Director)
Official website here: www.figafacts.com
Where can I find the form 990 for Florida Insurance Guaranty Association Inc?
The Florida Insurance Guaranty Association Inc’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.figafacts.com
Learn more at the official website: www.figafacts.com
Mission Statement of Florida Insurance Guaranty Association Inc
The Florida Insurance Guaranty Association Inc, a vital nonprofit organization, is dedicated to ensuring the financial security of policyholders when their insurers face insolvency. By providing a mechanism for the payment of covered claims, the Association safeguards individuals from the financial consequences of an insurer's bankruptcy. Furthermore, the organization is committed to assisting in the detection and prevention of insurer insolvencies, thereby minimizing the need for claim payments.
In 2022, the Association handled 11,448 claims, demonstrating the significant role it plays in maintaining financial stability for policyholders. With approximately 784 members, the Florida Insurance Guaranty Association Inc is a testament to the importance of collective responsibility in managing the risks associated with insurer insolvencies. The nonprofit's mission is twofold: offering financial assistance when insurers cannot meet their obligations and working diligently to identify potential insolvencies before they occur. Thus, the organization protects consumers from the financial implications of insurer insolvencies and helps minimize the impact on the insurance industry as a whole.
Impact
This information is meant to be a general summary of Florida Insurance Guaranty Association Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Florida Insurance Guaranty Association Inc's impact lies in its crucial role in providing a mechanism for the payment of covered claims of insolvent insurers and assisting in the detection and prevention of insurer insolvencies. In 2022 alone, the association processed 11,448 claims, showcasing its significant contribution to the insurance industry. With approximately 784 members, this organization plays a vital role in ensuring policyholders are protected even in the face of insurer insolvencies.
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:
Organization Details
Founding Year
1970
Phone
(850) 386-9200
Principal Officer
Corey Neal
Main Address
PO BOX 14249, TALLAHASSEE, FL, 323174249
Website
www.figafacts.com
NTEE Category
Code: Y20 - Mutual benefit
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