Minnesota Insurance Guaranty Association

Organization Overview

Minnesota Insurance Guaranty Association is located in Edina, MN. The organization was established in 1973. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Minnesota Insurance Guaranty Association employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota 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 12/2021, Minnesota Insurance Guaranty Association generated $18.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $12.4m 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

TO PROVIDE A METHOD OF PAYMENT FOR CERTAIN CLAIMS AGAINST INSOLVENT INSURANCE COMPANIES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

MINNESOTA INSURANCE GUARANTY ASSOCIATION (THE ASSOCIATION) WAS ORGANIZED ON NOVEMBER 24, 1971 BY STATE STATUTE AS A NONPROFIT, UNINCORPORATED LEGAL ENTITY. THE PURPOSE OF THE ASSOCIATION IS TO PROVIDE A METHOD OF PAYMENT FOR CERTAIN CLAIMS AGAINST INSOLVENT INSURANCE COMPANIES, TO AVOID FINANCIAL LOSS TO CLAIMANTS OR TO POLICYHOLDERS, TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES, AND TO PROVIDE AN ASSOCIATION OF INSURERS AGAINST WHICH THE COST OF SUCH PROTECTION MAY BE ASSESSED IN AN EQUITABLE MANNER.


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Board, Officers & Key Employees

Name (title)Compensation
Robert Farber
Executive Director
$148,408
Vicky Rizzolo
Chair
$0
Michael F Mcgovern
Vice-Chair
$0
Kathleen Bray
Member
$0
Seema Taneja
Member
$0
Richard Long
Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Allina Health System
Various Medical Services
$590,691
Fairview Health Services
Various Medical Services
$338,458
Nicollet Law Office
Plaintiff Attorney
$300,000
Corvel Healthcare
Bill Review And Check Pay
$1,178,782
Swor & Gato
Plaintiff Attorney
$300,000
View All Vendors

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$12,215,616
Investment income $5,870,615
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 $18,086,231

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