Alaska Insurance Guaranty Association
- Assets
- $38.5m
- Revenue
- $1.2m
- Investments
- $30.4m
- Employees
- 0
- Location
- Anchorage, AK
- Founding
- 11/1973
- Data as of
- 12/2023
- EIN
- 23-7240300
Organization Overview
Alaska Insurance Guaranty Association is located in Anchorage, AK. The organization was established in 1973. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alaska 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, Alaska Insurance Guaranty Association generated $1.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (28.5%) each year. All expenses for the organization totaled -$592.2k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE ALASKA 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 THE EXTENT PROVIDED UNDER THE ALASKA INSURANCE GUARANTY ACT, TO MINIMIZE FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER, AND TO PROVIDE AN ASSOCIATION TO ASSESS THE COSTS OF THIS PROTECTION AMONG INSURERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CLAIMS PAID, CHANGE IN CLAIMS RESERVE AND CLAIMS ADJUSTMENTS -PAYMENT OF COVERED CLAIMS TO POLICYHOLDERS OF INSOLVENT INSURANCE COMPANIES AND TO REVERSE ASSESSMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Vice Chair - Ak National Insurance | OfficerTrustee | 0.1 | $0 |
Name Not Listed Sec/tres - State Farm Mutual Auto Ins Co | OfficerTrustee | 0.1 | $0 |
Name Not Listed Chair - Umialik Insurance | OfficerTrustee | 0.1 | $0 |
Name Not Listed Director - Public Appointee | Trustee | 0.1 | $0 |
Name Not Listed Director - Allstate Property And Casualty Ins Co | Trustee | 0.1 | $0 |
Name Not Listed Director - Church Mutual Ins Co | Trustee | 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 | $0 |
| Investment income | $1,048,624 |
| 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 | $1,154,639 |
| 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. | $0 |
| 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 | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $43,988 |
| 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 | $0 |
| Travel | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | -$592,174 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $633,956 |
| Savings and temporary cash investments | $0 |
| 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 | $7,370,089 |
| Investments—other securities | $30,386,492 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $141,212 |
| Total assets | $38,531,749 |
| Accounts payable and accrued expenses | $28,639 |
| 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 | $15,585,867 |
| Total liabilities | $15,614,506 |
| Net assets without donor restrictions | $0 |
| 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 | $22,917,243 |
| Total liabilities and net assets/fund balances | $38,531,749 |