Life Insurance Consumer Advocacy Center
- Assets
- $238.6k
- Revenue
- $247.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Pleasant Hill, CA
- Founding
- Data as of
- 12/2022
- EIN
- 84-5006056
Organization Overview
Life Insurance Consumer Advocacy Center is located in Pleasant Hill, CA. According to its NTEE Classification (W90) the organization is classified as: Consumer Protection, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Life Insurance Consumer Advocacy Center is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE LIFE INSURANCE CONSUMER ADVOCACY CENTER (THE CENTER) ISTO ALERT THE PUBLIC, INCLUDING CONSUMERS AND POLICYMAKERS, ABOUT THE POTENTIAL RISKS OF CERTAIN TYPES OF LIFE INSURANCE POLICIES, PARTICULARLY LIFE INSURANCE INVESTMENT SCHEMES (LIIS) FALLING WITHIN THE CATEGORY OF UNIVERSAL LIFE, AND ABOUT UNFAIR PRACTICES IN HOW SUCH POLICIES ARE SOLD; AND TO ADVOCATE FOR REASONABLE AND ESSENTIAL CONSUMER PROTECTIONS FOR THESE TYPES OF PRODUCTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LICAC SPONSORED LEGISLATION IN CALIFORNIA TO PROTECT CONSUMERS OF LIFE INSURANCE AND ANNUITIES (SB 927) AND WORKED HARD TOWARD ITS PASSAGE. THE BILL ULTIMATELY DID NOT PASS, BUT IT SERVED AS A PRECURSOR TO LEGISLATIVE ACTIVITIES IN 2023, INCLUDING SB 263, AS TO WHICH LICAC CONTINUES TO SEEK CONSUMER PROTECTION IMPROVEMENTS. IN 2022 LICAC ALSO PROVIDED AMICUS CURIAE SUPPORT IN LITIGATION INVOLVING LIFE INSURANCE ISSUES, WITH AN EYE TOWARD IMPROVING CALIFORNIAS DECISIONAL LAW FOR THE BENEFIT OF CONSUMERS. LICAC SUCCEEDED IN OBTAINING THE FINAL REVERSAL OF THE ORIGINAL, ANTI-CONSUMER OPINION OF THE CALIFORNIA CURT OF APPEAL IN WILLIAMS V. NATIONAL WESTERN LIFE INSURANCE COMPANY, S269978. LICAC ALSO PROVIDED EDUCATIONAL CONTENT TO THE PUBLIC THROUGH LICACS WEBSITE AND PROVIDED DIRECT SERVICE TO SOME CONSUMERS WHO SOUGHT HELP WITH POLICIES THEY HAD PURCHASED.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard M Weber Treasurer | OfficerTrustee | 10 | $0 |
Brian P Brosnahan Executive Dir. | OfficerTrustee | 10 | $0 |
Gerard J Vanderzanden Secretary | OfficerTrustee | 10 | $0 |
Charles Freiberg Director | Officer | 2 | $0 |
Roger B Patterson Director | Officer | 2 | $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 | $247,236 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $247,236 |
| Total Program Service Revenue | $0 |
| Investment income | $672 |
| 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 | $247,908 |
| 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 | $0 |
| Fees for services: Legal | $4,733 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $211 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $920 |
| 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 | $1,152 |
| All other expenses | $0 |
| Total functional expenses | $12,110 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,031 |
| Savings and temporary cash investments | $190,525 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $238,556 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $238,556 |
| 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 | $238,556 |