Property & Casualty Insurance Guaranty Corporation

Organization Overview

Property & Casualty Insurance Guaranty Corporation is located in Towson, MD. The organization was established in 1988. 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 12/2021, Property & Casualty Insurance Guaranty Corporation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Property & Casualty Insurance Guaranty Corporation 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, Property & Casualty Insurance Guaranty Corporation generated $4.1m 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 (12.7%) each year. All expenses for the organization totaled $8.9m 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 PROTECT MD RESIDENTS FROM LOSS FROM INSURERS' INSOLVENCY AND ASSESS INSURERS FOR THE COSTS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

INSOLVENCY PROTECTION:THE PROPERTY AND CASUALTY GUARANTY CORPORATION HAS A 40-YEAR HISTORY OF HANDLING CLAIMS AND LITIGATION ARISING OUT OF INSOLVENT PROPERTY AND CASUALTY INSURANCE COMPANIES.PCIGC'S MEMBERSHIP IS COMPOSED OF APPROXIMATELY 956 LICENSED MARYLAND DIRECT WRITERS OF PROPERTY AND CASUALTY INSURANCE. THE GUARANTY CORPORATION HAS A 40 YEAR HISTORY OF EXCELLENT PERFORMANCE IN THE PROTECTION OF MARYLAND RESIDENTS BY ITS COMPLIANCE WITH THE PRINCIPLES OF LEGALITY, OBJECTIVENESS AND DUE DILIGENCE IN CREATING THE NECESSARY CONDITIONS FOR COMPETENCY, FAIRNESS AND TRANSPARENCY IN ALL OF ITS ACTIONS.


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Board, Officers & Key Employees

Name (title)Compensation
Deborah Price
President
$212,529
Valerie Kress
Asst. Secretary
$111,767
Brian Pleines
Asst. Treasurer
$98,626
Larry Hinton
Chair
$0
Sandra L Dodson
Vice Chair, Secretary
$0
Mary B Harlee
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$3,847,701
Investment income $254,514
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 $4,102,215

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