Mississippi Insurance Guaranty Association
- Assets
- $109.5m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 7
- Location
- Ridgeland, MS
- Founding
- 07/1974
- Data as of
- 12/2022
- EIN
- 23-7366411
Organization Overview
Mississippi Insurance Guaranty Association is located in Ridgeland, MS. 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 12/2022, Mississippi Insurance Guaranty Association employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mississippi 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, Mississippi Insurance Guaranty Association generated $4.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
MANAGE IN A PROFESSIONAL AND TIMELY MANNER THE PROPERTY-CASUALTY INSOLVENCIES FOR WHICH MIGA IS RESPONSIBLE BY DISCHARGING ASSOCIATION DUTIES IN ACCORDANCE WITH GOVERNING STATUTES AND PLAN OF OPERATING PROVISIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MISSISSIPPI INSURANCE GUARANTY ASSOCIATION IS A NON-PROFIT ENTITY AUTHORIZED UNDER THE MISSISSIPPI INSURANCE GUARANTY ASSOCIATION LAW AS OF APRIL 6, 1970. THE ASSOCIATION PROVIDES A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES TO AVOID EXCESSIVE DELAY IN PAYMENT AND AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER. THE ACT REQUIRES ALL INSURERS WHO WRITE DIRECT INSURANCE EXCEPT LIFE, TITLE, SURETY, DISABILITY, CREDIT, MORTGAGE GUARANTY, AND OCEAN MARINE INSURANCE TO BE MEMBERS OF THE ASSOCIATION AS A CONDITION OF THEIR AUTHORITY TO TRANSACT INSURANCE BUSINESS IN MISSISSIPPI.THE ACT GRANTS THE ASSOCIATION THE POWERS TO ASSESS INSURERS AMOUNTS NECESSARY TO PAY CLAIMS AND OTHER EXPENSES OF THE ASSOCIATION. THE ASSESSMENT OF EACH MEMBER INSURER IS IN THE PROPORTION THAT THE NET DIRECT WRITTEN PREMIUMS FOR THE MEMBER INSURER FOR THE PRECEDING CALENDER YEAR BEARS TO THE NET DIRECT WRITTEN PREMIUMS OF ALL MEMBER INSURERS FOR THE PRECEDING CALENDER YEAR. THE ASSESSMENT FOR ANY YEAR IS LIMITED TO ONE PERCENT OF THAT MEMBER'S DIRECT WRITTEN PREMIUMS FOR THE PRECEEDING CALENDER YEAR.RECOVERIES, IF ANY, FROM THE RECEIVER OR LIQUIDATOR OF INSOLVENT INSURERS ARE TO BE REFUNDED TO THE MEMBER INSURERS IN PROPORTION TO THE CONTRIBUTIONS OF EACH MEMBER INSURER TO THE ASSOCIATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Rowlesms Farm Bureau Vice Chairman/executive Co | OfficerTrustee | 3 | $0 |
Jeffrey Carverberkley Southeast Gr Personnel Comm | Trustee | 3 | $0 |
Steve Simkins State Farm Insurance Treasurer/legislative Comm | OfficerTrustee | 3 | $0 |
Bryan Hubbard Alfa Insurance Co Secretary/exec Comm | OfficerTrustee | 3 | $0 |
Tiffany Hawkins Fcci Insurance Grou Investment Comm-Chair | Trustee | 3 | $0 |
Mike Richardson Amfed Nat'l Ins Co Chairman/executive Comm | OfficerTrustee | 3 | $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 | $2,518,199 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $36,542 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,863,584 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $174,520 |
| 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 | $5,666 |
| Insurance | $0 |
| All other expenses | -$8,748,385 |
| Total functional expenses | -$2,377,967 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $334,752 |
| 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 | $24,586 |
| Investments—publicly traded securities | $108,648,729 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $507,312 |
| Total assets | $109,515,379 |
| 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 | $81,020,457 |
| Total liabilities | $81,020,457 |
| Net assets without donor restrictions | $28,494,922 |
| 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 | $109,515,379 |