New Jersey Life And Health Insurance Guaranty Association is located in Lincroft, NJ. The organization was established in 1994. 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 12/2023, New Jersey Life And Health Insurance Guaranty Association employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Jersey Life And 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 12/2023, New Jersey Life And Health Insurance Guaranty Association generated $23.9m in total revenue. All expenses for the organization totaled $947.0k during the year ending 12/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE NJ LIFE HEALTH INSURANCE GUARANTY ASSOCIATION WAS ESTABLISHED BY STATUTE TO PROVIDE CERTAIN PROTECTIONS TO POLICYHOLDERS OF IMPAIRED OR INSOLVENT INSURERS IN ACCORDANCE WITH NJ STATUTE 17B32A-1, ET SEQ.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION MADE PAYMENTS TO PROVIDE CERTAIN PROTECTIONS TO POLICYHOLDERS OF IMPAIRED OR INSOLVENT INSURERS IN ACCORDANCE WITH NJ STATUTE 17B32A-1, ET SEQ.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Felix Schirripa Executive Director | Officer | 20 | $140,000 |
Ny Life Insurance D Wheeler Chair | Trustee | 1 | $0 |
United Healthcare Ins Co K Ericson Vice-Chair | Trustee | 1 | $0 |
Lincoln Life Annuity Co R Sheppard Secretary | Trustee | 1 | $0 |
Massmutual E Weinstein Treasurer | Trustee | 1 | $0 |
Prudential Financail B Quigley Director | Trustee | 1 | $0 |
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 | $0 |
Investment income | $607,682 |
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 | $23,862,082 |
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 | $0 |
Compensation of current officers, directors, key employees. | $140,000 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $55,000 |
Pension plan accruals and contributions | $29,250 |
Other employee benefits | $0 |
Payroll taxes | $15,423 |
Fees for services: Management | $0 |
Fees for services: Legal | $64,429 |
Fees for services: Accounting | $22,799 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $0 |
Office expenses | $0 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $25,646 |
Travel | $15,023 |
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 | $1,436 |
Insurance | $36,956 |
All other expenses | $40,582 |
Total functional expenses | $947,011 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $113,027 |
Savings and temporary cash investments | $743,374 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
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 | $41,380,607 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $5,016 |
Total assets | $42,242,024 |
Accounts payable and accrued expenses | $0 |
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 | $0 |
Net assets without donor restrictions | $42,242,024 |
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 | $42,242,024 |