North Carolina Insurance Guaranty Association

Organization Overview

North Carolina Insurance Guaranty Association is located in Raleigh, NC. The organization was established in 1974. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, North Carolina Insurance Guaranty Association employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Insurance Guaranty Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.

For the year ending 12/2021, North Carolina Insurance Guaranty Association generated $22.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $12.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE PURPOSE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION IS TO PROVIDE A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES, TO AVOID EXCESSIVE DELAY IN PAYMENT, AND TO AVOID FINANCIAL LOSS TO CLAIMANTS OF POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER, TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES, AND TO PROVIDE AN ASSOCIATION TO ASSESS THE LOSS OF SUCH PROTECTION AMONG INSURERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PER NORTH CAROLINA GENERAL STATUTES OF CHAPTER 58, ARTICLE 36, ONE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION'S RESPONSIBILITIES IS TO PROVIDE A "MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES". FUNDS FOR THE PAYMENT OF COVERED CLAIMS ARE RECEIVED FROM THE FOLLOWING SOURCES:1) THE NORTH CAROLINA DEPARTMENT OF INSURANCE NOTIFIES THE GUARANTY ASSOCIATION WHEN A COURT OF COMPETENT JURISDICTION DECLARES AN INSURANCE COMPANY INSOLVENT. AFTER THE NOTIFICATION, THE GUARANTY MANAGEMENT STAFF MAKES A FORMAL REQUEST FOR THE INSOLVENT INSURANCE COMPANY'S SECURITY DEPOSIT (ALL LICENSED INSURANCE COMPANIES IN NORTH CAROLINA ARE REQUIRED TO MAKE A SECURITY DEPOSIT PAYMENT TO THE DEPARTMENT OF INSURANCE). THIS SECURITY DEPOSIT WILL BE USED TO PAY THE INSOLVENT COMPANY'S UNPAID CLAIMS AND UNEARNED PREMIUMS.2) THE GUARANTY ASSOCIATION MAY ALSO RECEIVE PROCEEDS FROM THE INSOLVENT COMPANY'S LIQUIDATOR. THE GUARANTY ASSOCIATION DOES NOT HAVE ADVANCE NOTICE OF WHEN LIQUIDATOR FUNDS WILL BE REMITTED. THE LIQUIDATOR PROCEEDS ARE ALSO USED TO MAKE UNPAID CLAIM AND UNEARNED PREMIUM PAYMENTS. THE LIQUIDATORS ALSO TRANSFER CLAIM DATA TO THE GUARANTY ASSOCIATION.THE GUARANTY ASSOCIATION'S CLAIMS STAFF IS RESPONSIBLE FOR REVIEWING CLAIM DETAIL AND ENSURING IT MEETS REQUIREMENTS TO BE PROCESSED. ONCE THE CLAIMS ADJUSTERS DETERMINE THE REQUIREMENTS HAVE BEEN MET, THE CLAIMS ADJUSTERS WILL ACTIVATE THE CLAIM FILE AND BEGIN TO PROCESS CLAIM UNPAID CLAIMS AND UNEARNED PREMIUMS PAYMENTS. AS OF THE END OF CALENDAR YEAR 2021, THERE WERE 40 INSOLVENCIES WITH A TOTAL OF 218 OPEN CLAIMS. 7,425 CLAIMS WERE CLOSED DURING THE YEAR. TOTAL CLAIMS EXPENSE AND PREMIUM REFUND EXPENSES TOTALED $2,280,077 AND $30,000, RESPECTIVELY.


ASSESS MEMBER COMPANIES FOR AMOUNTS NECESSARY TO PAY EXPENSES OF HANDLING COVERED CLAIMS; REFUND MEMBER COMPANIES EXCESS AMOUNTS PREVIOUSLY ASSESSED.PER NORTH CAROLINA GENERAL STATUTES OF CHAPTER 58, ARTICLE 36, ONE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION'S RESPONSIBILITIES IS TO PROVIDE A "AN ASSOCIATION TO ASSESS THE LOSS OF (INSURER INSOLVENCIES) AMONG INSURERS". TO ACCOMPLISH THIS, THE GOVERNING BOARD WILL REVIEW OPERATING EXPENSES AND COVERED CLAIMS COSTS TO DETERMINE IF A NEW ASSESSMENT IS NECESSARY TO COVER EXPENSES, OR IF A REFUND OF A PRIOR ASSESSMENT IS PERMISSIBLE. ANY ASSESSMENTS ARE BORNE BY THE GUARANTY ASSOCIATION'S MEMBER INSURANCE COMPANIES IN PROPORTION TO NET DIRECT WRITTEN PREMIUMS.DURING CALENDAR YEAR 2021, THE GUARANTY ASSOCIATION'S BOARD OF DIRECTORS ASSESSED MEMBER INSURERS $7,600,000 AND APPROVED REFUNDS OF $2,755,372 .


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Board, Officers & Key Employees

Name (title)Compensation
Donna Kallianos
Chief Operating Officer
$196,578
Tammy Choboy
Technical & Administrative Manager
$125,781
Kim Powell
Claims Manager
$108,647
Edith Davis
Chief Financial Officer
$0
Raymond Evans
General Manager
$0
Name Not Listed
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Msc Group
Claims Pymts
$1,067,898
Carolina Case Management
Claims Pymts
$135,628
American General Annuity Service Corporation
Claims Pymts
$263,428
Learning Services Corporation
Claims Pymts
$162,905
Corporate Pharmacy Services
Claims Pymts
$815,137
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$19,442,550
Investment income $2,620,751
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $30,882
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $22,094,183

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