Hawaii Life And Disability Insurance Guaranty Association
- Assets
- $33.3m
- Revenue
- $21.1m
- Investments
- $0.0
- Employees
- 1
- Location
- Honolulu, HI
- Founding
- 11/1983
- Data as of
- 12/2021
- EIN
- 99-0224036
Organization Overview
Hawaii Life And Disability Insurance Guaranty Association is located in Honolulu, HI. The organization was established in 1983. 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. Hawaii Life And Disability 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, Hawaii Life And Disability Insurance Guaranty Association generated $21.1m in total revenue. All expenses for the organization totaled $1.3m during the year ending 12/2021. While expenses have increased by 11.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE HAWAII LIFE AND DISABILITY INSURANCE GUARANTY ASSOCIATION (HLDIGA) IS A STATUTORY NONPROFIT LEGAL ENTITY CREATED IN 1987 UNDER HRS 431:16-206 BY THE HAWAII LEGISLATURE ENACTING THE HAWAII LIFE AND DISABILITY INSURANCE GUARANTY ASSOCIATION ACT ("ACT"). THE PURPOSE OF HLDIGA IS TO PROVIDE FINANCIAL BENEFITS FOR CLAIMS SUBMITTED BY HAWAII RESIDENTS WHO ARE POLICYHOLDERS AND BENEFICIARIES OF CONTRACTS ISSUED BY INSOLVENT INSURANCE COMPANIES LICENSED TO BE BUSINESS IN HAWAII UNDER LIFE, ACCIDENT, HEALTH, DISABILITY, LONG-TERM CARE, OR SICKNESS INSURANCE POLICIES AND ANNUITY CONTRACTS SUBJECT TO THE TERMS AND CONDITIONS OF THE ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASSOCIATION PAYS CLAIMS TO POLICYHOLDERS AND BENEFICIARIES FOR CONTRACTUAL BENEFITS OTHERWISE PAYABLE BY THE INSOLVENT INSURANCE COMPANY THROUGH THIRD-PARTY ADMINISTRATORS OR OTHERWISE PROVIDES COVERAGE. ADMINISTRATIVE OVERHEAD EXPENSES, INCLUDING ACCOUNTING AND LEGAL FEES, ARE ALSO PAID.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margolee P Lee Chairperson Pacific Guardian Life Ins. | OfficerTrustee | 10 | $0 |
Wayne Tanaka Vice Chairperson Massachusetts Mutual Life | OfficerTrustee | 3 | $0 |
Kyle Sakado Treasurer Royal State National Ins. | OfficerTrustee | 3 | $0 |
Rosa Iturbides Secretary Axa Equitable Life Ins. Co | OfficerTrustee | 3 | $0 |
Mary Barney Director Genworth Life & Annuity In | Trustee | 3 | $0 |
Deborah Cowan Director New York Life Ins. Co. | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lewis Roca Rothgerber Christie Llp Legal Services | 12/30/21 | $208,496 |
Goodsill Anderson Quinn & Stifel Legal Services | 12/30/21 | $158,206 |
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 | $20,748,706 |
| Investment income | $321,113 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $34,856 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,104,675 |
| 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 | $476,073 |
| 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 | $86,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $374,032 |
| Fees for services: Accounting | $96,891 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $35,251 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,743 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,089 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,715 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,270,784 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,967,975 |
| Savings and temporary cash investments | $1,489,883 |
| 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 | $1,572 |
| Investments—publicly traded securities | $11,868,640 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,179 |
| Total assets | $33,336,249 |
| 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 | $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 | $33,336,249 |
| Total liabilities and net assets/fund balances | $33,336,249 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dignity Health Hosp & Professional Liability Self-Insurance Trust San Francisco, CA | $0 | $32,275,072 |
Utah Pipe Trades Welfare Trust Fund Pleasanton, CA | $24,940,306 | $17,163,997 |
Self Insurers Security Fund Oakland, CA | $783,094,519 | $73,239,633 |
Siu-Pd-Pma Supplemental Benefit Fund Inc San Francisco, CA | $6,680,887 | $15,032,337 |
Hawaii Electricians Vacation And Holiday Fund Honolulu, HI | $17,937,748 | $15,016,835 |
Ilwu Warehouse Welfare Trust Pleasanton, CA | $5,779,228 | $12,353,486 |
Bricklayers And Allied Craftworkers Local No 3 Health And Welfare Plan Pleasanton, CA | $17,912,159 | $11,059,830 |
The Act 1 Group Of Companies Veba Trust Glendale, CA | $0 | $11,426,844 |
Associated Produce Dealers & Brks Of La Emplys Ins Tr Los Angeles, CA | $903,297 | $10,694,883 |
The Walgreen Company And Local 648 Welfare Trust Concord, CA | $2,037,227 | $10,167,872 |
National Alliance Of Nonprofits For Insurance Inc Santa Cruz, CA | $32,076,337 | $12,075,164 |
170 Group Insurance Benefits Trust Los Angeles, CA | $3,398,726 | $8,135,954 |