Insurance Guaranty Associations

Organization Overview

Insurance Guaranty Associations is located in Dublin, OH. The organization was established in 1974. According to its NTEE Classification (Y01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Insurance Guaranty Associations employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Insurance Guaranty Associations 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 12/2021, Insurance Guaranty Associations generated $919.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (14.4%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. 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

THE MISSION OF THE OHIO INSURANCE GUARANTY ASSOCIATION IS TO PROVIDE SOME LEVEL OF PROTECTION FOR CERTAIN POLICY HOLDERS AND CLAIMANTS AGAINST THE INSOLVENCY OF AN INSURANCE COMPANY LICENSED TO SELL THOSE TYPES OF POLICIES IN OHIO WHEN THE COMPANY IS PLACED INTO LIQUIDATION.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE OHIO INSURANCE GUARANTY ASSOCIATION (OIGA) IS AN UNINCORPORATED NON-PROFIT ASSOCIATION ORGANIZED PURSUANT TO PROVISIONS OF THE OHIO INSURANCE GUARANTY ASSOCIATION ACT (THE "ACT") CONTAINED IN THE OHIO REVISED CODE. OIGA IS COMPRISED OF EVERY INSURER LICENSED TO TRANSACT INSURANCE IN OHIO AND WRITING ONE OR MORE KINDS OF INSURANCE INCLUDED WITHIN SECTION 3955.05 OF THE OHIO REVISED CODE. THE PRINCIPAL RESPONSIBILITIES OF OIGA IS TO PAY COVERED CLAIMS OF INSOLVENT INSURERS (AS DEFINED IN THE ACT), AND TO PROVIDE A MECHANISM FOR ASSESSMENT OF MEMBER INSURERS TO ACCOMPLISH CLAIM SETTLEMENT.


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Board, Officers & Key Employees

Name (title)Compensation
Sonni Peterson
President
$280,966
Patrick Foltyn
Vice Chairman
$0
Mark Schloemer
Secretary/treasurer
$0
Lavawn Coleman
Chairman
$0
Charles Wilson
Director
$0
William Mcgee Jr
Director
$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$721,269
Investment income $197,450
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $663
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $919,382

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