North Carolina Self Insurance Guaranty Association

Organization Overview

North Carolina Self Insurance Guaranty Association is located in Raleigh, NC. The organization was established in 1987. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, 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. North Carolina Self 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, North Carolina Self Insurance Guaranty Association generated $3.8m 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 (4.1%) each year.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE ASSOCIATION PROVIDES A MECHANISM FOR PAYMENT OF COVERED WORKERS'COMPENSATION CLAIMS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PURSUANT TO THE 2006 AND 2011 STATUTORY AMENDMENTS, THE ASSOCIATION EXPANDED ITS PROGRAM SERVICES TO INCLUDE THE PURCHASE OF FINANCIAL GUARANTEES, REINSURANCE OR OTHER INSTRUMENTS TO COLLECTIVELY SECURE ALL OUTSTANDING INDIVIDUAL MEMBER SELF-INSURER WORKERS' COMPENSATION LIABILITIES ACCORDING TO ACTUARIAL REPORTS PROVIDED BY EACH MEMBER SELF-INSURER. THE ASSOCIATION, IN ACCORDANCE WITH ITS STATUTORY MANDATE, MAY IMPLEMENT THE ASSOCIATION AGGREGATE SECURITY SYSTEM (AASS) ON AN ANNUAL BASIS. THE AASS PROVIDES FOR A PORTFOLIO BASED SECURITY SYSTEM WHICH REPLACED INDIVIDUAL STATUTORY DEPOSITS COVERING MEMBER SELF-INSURER WORKERS' COMPENSATION LIABILITIES, REQUIRED AS A CONDITION OF BEING A LICENSED SELF-INSURER. THE AASS MAY USE A COMBINATION OF THE SECURITY FUND, FINANCIAL GUARANTEES, INSURANCE POLICIES OR OTHER INSTRUMENTS WHICH ARE PURCHASED BY THE ASSOCIATION. AS OF DECEMBER 31, 2021, THE ASSOCIATION HAD COVERAGE THROUGH A THREE-YEAR INSURANCE POLICY WHICH COVERED ALL PARTICIPATING MEMBER SELF-INSURERS IN THE AASS AS OF DECEMBER 1, 2019. THE ANNUAL COSTS OF THE AASS INCLUDE THE INSURANCE POLICY AS WELL AS DESIGN AND IMPLEMENTATION WHICH ARE PAID FROM THE AASS ASSESSMENTS OF PARTICIPATING SELF-INSURERS AS DETERMINED BY THE ASSOCIATION BOARD OF DIRECTORS. AASS ASSESSMENTS ARE BASED ON THE CREDIT WORTHINESS OF PARTICIPATING SELF-INSURERS AND THEIR PRO-RATA SHARE OF THE AGGREGATE OUTSTANDING WORKERS' COMPENSATION CLAIMS LIABILITIES. THE ASSOCIATION IS AUTHORIZED TO MONITOR AND ASSESS THE FINANCIAL CONDITION OF ALL PARTICIPATING SELF-INSURERS. INDIVIDUAL MEMBER SELF-INSURERS REPORTED OUTSTANDING LIABILITIES OF APPROX. $309,219,000 FOR PURPOSES OF THE 2020-2021 AASS. ALTHOUGH GROUP SELF-INSURERS DO NOT PARTICIPATE IN THE AASS, THE ASSOCIATION IS REQUIRED TO PAY COVERED CLAIMS AGAINST INSOLVENT GROUP SELF-INSURERS IN ACCORDANCE WITH ITS STATUTORY MANDATE. ACCORDINGLY, THE ASSOCIATION HAS DISCRETION TO CONDUCT SEPARATE ASSESSMENT OF GROUP SELF-INSURERS.


UPON THE INSOLVENCY OF A MEMBER SELF-INSURER, THE ASSOCIATION WORKS IN CONCERT WITH THE NORTH CAROLINA DEPARTMENT OF INSURANCE, INVESTIGATES AND PARTICIPATES IN BANKRUPTCY PROCEEDINGS, AND WORKS WITH CORPORATE REPRESENTATIVES FROM THE INSOLVENT SELF-INSURER TO DETERMINE THE ACTION PLAN FOR THE PAYMENT OF OUSTANDING WORKERS' COMPENSATION CLAIMS. THE ASSOCIATION INVESTIGATES ALL RELEVANT INSURANCE CARRIERS TO DETERMINE WHAT IF ANY RECOVERIES MAY BE AVAILABLE FOR THE PAYMENT OF WORKERS' COMPENSATION CLAIMS. IN ACCORDANCE WITH ITS STATUTORY MANDATE, UPON DEFAULT, THE ASSOCIATION PURSUES RECOVERIES IN THE BANKRUPTCY COURT AND RECOVERIES FROM ALL RELEVANT INSURANCE CARRIERS OR FINANCIAL INSTITUTIONS.


Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.

Board, Officers & Key Employees

Name (title)Compensation
Thomas R Yarboro
Chairman
$0
Patrick Eglinton
Vice Chairman
$0
Alice West
Secretary-Treasurer
$0
Tia Schweikert
Board Member
$0
Scott Myers
Board Member
$0
Julie Groves
Board Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Stuart Law Firm Pllc
Legal Services
$471,956
Mmc Securities Corp
Consulting/fee
$215,000
Xl Specialty Insurance
Insurance
$152,500
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$1,599,975
Investment income $876,307
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $1,365,980
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $3,842,262

Create an account to unlock the data you need.

or