Nevada Life & Health Insurance Guaranty Association
- Assets
- $9.4m
- Revenue
- $131.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Roseville, CA
- Founding
- 02/1978
- Data as of
- 12/2022
- EIN
- 94-2428532
Organization Overview
Nevada Life & Health Insurance Guaranty Association is located in Roseville, CA. The organization was established in 1978. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nevada Life & Health 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 12/2022, Nevada Life & Health Insurance Guaranty Association generated $131.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (14.7%) each year. All expenses for the organization totaled $359.2k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE PROTECTION TO NEVADA RESIDENT POLICYHOLDERS AND THEIR BENEFICIARIES IN THE EVENT OF THE INSOLVENCY OF THE INSURANCE COMPANY THAT ISSUED THEIR LIFE, HEALTH OR ANNUITY INSURANCE POLICY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE NEVADA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION'S PURPOSE IS TO PROTECT POLICY OWNERS, INSUREDS, BENEFICIARIES, ANNUITANTS, PAYEES AND ASSIGNEES OF LIFE INSURANCE POLICIES, HEALTH INSURANCE POLICIES, ANNUITY CONTRACTS AND SUPPLEMENTAL CONTRACTS, SUBJECT TO LIMITATIONS PROVIDED BY NEVADA STATE LAW, IN THE EVENT OF THE FAILURE OF THE ISSUING INSURANCE COMPANY. THIS ACTIVITY IS THE ASSOCIATION'S ONLY PROGRAM SERVICE AND CONSTITUTES 100% OF THE ASSOCIATION'S TIME. IN 2022 THE ASSOCIATION PROVIDED POLICYHOLDER BENEFITS TO NEVADA RESIDENT INSUREDS OF THREE INSOLVENT INSURERS. THE ASSOCIATION ALSO PROVIDED SUPPORT TO INSURANCE COMPANY RECEIVERS, FORMER INSUREDS, ETC., OF A NUMBER OF OTHER INSOLVENCIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Thakar The Thakar Group Executive Director | Officer | 40 | $132,000 |
Jack Kim Chairman Of The Board Of Directors | Officer | 1 | $0 |
Gregory Martino Vice Chairman Of The Board Of Directors | Officer | 1 | $0 |
Kenneth Whitehair Secretary/treasurer | Officer | 1 | $0 |
Ann C Pongracz Director | Trustee | 0.1 | $0 |
Name Not Listed Director | 0.1 | $0 |
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 | $70,759 |
| Investment income | $60,436 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $131,195 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $11,396 |
| Compensation of current officers, directors, key employees. | $132,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | -$159 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $40,310 |
| Fees for services: Accounting | $14,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $29,009 |
| Advertising and promotion | $0 |
| Office expenses | $8,534 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $34,340 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | -$257 |
| All other expenses | $89,486 |
| Total functional expenses | $359,159 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $964,606 |
| Savings and temporary cash investments | $45,629 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,500 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,416,627 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,428,362 |
| Accounts payable and accrued expenses | $15,883 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $15,883 |
| Net assets without donor restrictions | $9,412,479 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $9,428,362 |
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