Alabama Life & Disability Insurance Guaranty Assoc
- Assets
- $20.1m
- Revenue
- $6.1m
- Investments
- $0.0
- Employees
- 2
- Location
- Birmingham, AL
- Founding
- 03/1996
- Data as of
- 12/2023
- EIN
- 63-0960930
Organization Overview
Alabama Life & Disability Insurance Guaranty Assoc is located in Birmingham, AL. The organization was established in 1996. 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 12/2023, Alabama Life & Disability Insurance Guaranty Assoc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alabama Life & Disability Insurance Guaranty Assoc 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 12/2023, Alabama Life & Disability Insurance Guaranty Assoc generated $6.1m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $5.8m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING PAYMENTS TO OR ON BEHALF OF POLICYHOLDERS OF INSOLVENT INSURANCE COMPANIES & PROVIDING CONTINUED COVERAGE FOR POLICYHOLDERS BY NEGOTIATING REINSURANCE AGREEMENTS OR PROVIDING ADMINISTRATIVE SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ALABAMA INSURANCY GUARANTY ACT MANDATED THE CREATION OF THE ALABAMA LIFE AND DISABILITY INSURANCE GUARANTY ASSOCIATION TO SERVE AS AN AGENT OF THE STATE OF ALABAMA.THE PURPOSE OF THE ASSOCIATION IS TO PROVIDE A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES, TO AVOID EXCESSIVE DELAY IN PAYMENT AND TO AVOID FINANCIAL LOSS TO CLAIMANTS OF POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER, TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES, AND TO PROVIDE AN ASSOCIATION TO ASSESS THE COST OF SUCH PROTECTION AMONG INSURERS. THE ASSOCIATION HAS ACTED IN THIS CAPACITY SINCE ITS INCEPTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Protective Life Mary Pat Lawrence Chair (9 Mo)/ Vice Chair (3 Mo) | OfficerTrustee | 2 | $0 |
Alfa Life Ins Sid Belcher Vice Chair (9 Mo)/ Chair (3 Mo) | OfficerTrustee | 2 | $0 |
Life Ins Co Of Al Clarence Daugette Secretary/treasurer | OfficerTrustee | 1 | $0 |
Liberty Natl Life Jennifer Watkins Director | Trustee | 1 | $0 |
American Gen Life Ins Tom Glasson Director | Trustee | 1 | $0 |
Untd Hlth Care Life Sherry Gillespi Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
North Carolina Mutual Ins Co Claims Paid | 12/30/23 | $1,887,606 |
Nolhga Tpa Claims Paid & Data Survey | 12/30/23 | $1,484,347 |
Actuarial Management Resources Inc Tpa Claims Paid | 12/30/23 | $310,328 |
Balch & Bingham Legal Services | 12/30/23 | $123,330 |
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 | $5,176,448 |
| Investment income | $277,671 |
| 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 | $6,101,619 |
| 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. | $183,832 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $55,705 |
| Pension plan accruals and contributions | $6,554 |
| Other employee benefits | $14,523 |
| Payroll taxes | $16,706 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,208 |
| Fees for services: Accounting | $33,625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,577 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $11,646 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $52,381 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,258 |
| Insurance | $3,214 |
| All other expenses | $62,057 |
| Total functional expenses | $5,805,962 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,723,772 |
| Savings and temporary cash investments | $5,480,410 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $726,636 |
| 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 | $205,750 |
| Net Land, buildings, and equipment | $1,883 |
| Investments—publicly traded securities | $11,891,597 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $52,635 |
| Total assets | $20,082,683 |
| Accounts payable and accrued expenses | $349,650 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $108,249,500 |
| Total liabilities | $108,599,150 |
| Net assets without donor restrictions | $0 |
| 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 | -$88,516,467 |
| Total liabilities and net assets/fund balances | $20,082,683 |