Michigan Catastrophic Claims Association U S

Organization Overview

Michigan Catastrophic Claims Association U S is located in Livonia, MI. The organization was established in 1979. 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 06/2021, Michigan Catastrophic Claims Association U S employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Catastrophic Claims Association U S 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 06/2021, Michigan Catastrophic Claims Association U S generated $4.5b in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 19.3% each year . All expenses for the organization totaled $2.2b during the year ending 06/2021. 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

REVIEW OF PERSONAL INJURY PROTECTION CLAIMS REPORTED BY MEMBERS AND INDEMNIFICATION OF ULTIMATE MEMBER LOSS UNDER STATUTORY REQUIRED PERSONAL PROTECTION INSURANCE COVERAGES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE MICHIGAN CATASTROPHIC CLAIMS ASSOCIATION (MCCA), A PRIVATE NON-PROFIT UNINCORPORATED ASSOCIATION, WAS CREATED BY THE STATE LEGISLATURE IN 1978 BY PUBLIC ACT 136 OF 1978, WHICH AMENDED THE NO-FAULT LAW BY ADDING SECTION 3104 EFFECTIVE JULY 1, 1978. MICHIGAN'S UNIQUE AUTO INSURANCE NO-FAULT LAW PROVIDES UNLIMITED LIFETIME COVERAGE FOR MEDICAL EXPENSES WHICH RESULT FROM AUTO ACCIDENTS. THE MCCA REIMBURSES AUTO NO-FAULT INSURANCE COMPANIES FOR EACH PERSONAL INJURY PROTECTION (PIP) MEDICAL CLAIM PAID IN EXCESS OF A SET AMOUNT. CURRENTLY THAT AMOUNT IS $580,000. THE INSURANCE COMPANY PAYS THE ENTIRE CLAIM BUT IS REIMBURSED BY THE MCCA FOR MEDICAL COSTS OVER $580,000. ALL AUTO INSURANCE COMPANIES OPERATING IN MICHIGAN ARE ASSESSED TO COVER THE CATASTROPHIC MEDICAL CLAIMS OCCURRING IN MICHIGAN. THOSE ASSESSMENTS ARE GENERALLY PASSED ON TO AUTO INSURANCE POLICYHOLDERS. THE 2020-2021 ASSESSMENT WAS $100.00 PER VEHICLE.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Mondrian Investment Partners
Investment Mgmt
$4,501,935
Federated Hermes
Investment Mgmt
$2,824,685
Dodge Cox
Investment Mgmt
$3,090,473
Prudential Insurance Company Of Ame
Investment Mgmt
$2,599,206
Centric Consulting Llc
It Support
$2,977,499
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$883,085,753
Investment income $1,434,316,448
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $2,228,463,581
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,546,777,371

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