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.
Form
990
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Thomas R Yarboro Chairman | OfficerTrustee | 3 | $0 |
Patrick Eglinton Vice Chairman | OfficerTrustee | 2 | $0 |
Alice West Secretary-Treasurer | OfficerTrustee | 2 | $0 |
Tia Schweikert Board Member | Trustee | 1 | $0 |
Scott Myers Board Member | Trustee | 1 | $0 |
Julie Groves Board Member | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Stuart Law Firm Pllc Legal Services | 12/30/21 | $471,956 |
Mmc Securities Corp Consulting/fee | 12/30/21 | $215,000 |
Xl Specialty Insurance Insurance | 12/30/21 | $152,500 |
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 |
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 | $110,400 |
Fees for services: Legal | $164,825 |
Fees for services: Accounting | $32,327 |
Fees for services: Lobbying | $18,504 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $115,893 |
Fees for services: Other | $15,000 |
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 | $0 |
Insurance | $22,486 |
All other expenses | $0 |
Total functional expenses | $1,298,299 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $935,562 |
Savings and temporary cash investments | $1,059,366 |
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 | $453,279 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $45,764,524 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $482,430 |
Total assets | $48,695,161 |
Accounts payable and accrued expenses | $424,044 |
Grants payable | $0 |
Deferred revenue | $1,246,973 |
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 | $5,414,680 |
Total liabilities | $7,085,697 |
Net assets without donor restrictions | $41,609,464 |
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 | $48,695,161 |
Organization Name | Assets | Revenue |
---|---|---|
Bush Brothers & Company Employees Benefit Tr Knoxville, TN | $646,705 | $13,680,587 |
North Carolina Insurance Guaranty Association Raleigh, NC | $120,494,721 | $22,094,183 |
Cwm Employee Benefit Trust Marietta, GA | $2,913,278 | $11,844,381 |
Southern States Group Benefit Trust Richmond, VA | $1,559,030 | $9,812,364 |
Jackson Utility Division Benefits Program Trust Jackson, TN | $8,539,572 | $8,659,868 |
Georgia Insurers Insolvency Pool Duluth, GA | $145,962,190 | $6,621,081 |
Hedrick Employee Group Benefit Plan Trust Salisbury, NC | $2,627,065 | $8,303,348 |
Piedmont Liability Trust Charlottesville, VA | $77,604,181 | $9,580,879 |
Diamond G Employee Benefit Trust Greeneville, TN | $11,777 | $4,902,526 |
Tennessee Insurance Guaranty Nashville, TN | $174,263,578 | $10,389,316 |
Self Insurance Institute Of America Inc Simpsonville, SC | $2,577,903 | $3,820,672 |
South Carolina Medical Association Columbia, SC | $7,933,603 | $2,574,168 |