Hawaii Life And Disability Insurance Guaranty Association
- Assets
- $34.6m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 1
- Location
- Honolulu, HI
- Founding
- 11/1983
- Data as of
- 12/2023
- 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 12/2023, Hawaii Life And Disability Insurance Guaranty Association generated $2.3m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 34.5% each year . All expenses for the organization totaled $810.3k 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
THE MISSION OF HAWAII LIFE AND DISABILITY INSURANCE GUARANTY ASSOCIATION ("ASSOCIATION') IS TO PROTECT HAWAII OWNERS AND BENEFICIARIES OF POLICIES ISSUED BY HAWAII LICENSED LIFE AND HEALTH INSURANCE COMPANIES THAT BECOME IMPAIRED OR INSOLVENT. THE ASSOCIATION WAS CREATED BY THE HAWAII STATE LEGISLATURE PURSUANT TO THE HAWAII LIFE AND DISABILITY INSURANCE GUARANTY ASSOCIATION ACT UNDER HRS 431:16-201 ("HLDIGA ACT"). DURING THE TAXABLE YEAR, THE SIGNIFICANT ACTIVITIES OF THE ASSOCIATION FOCUSED ON MANAGING AND ADMINISTERING ITS: (1) LIFE INSURANCE ACCOUNTS; (2) ACCIDENT, HEALTH AND SICKNESS INSURANCE ACCOUNTS; AND (3) ANNUITY ACCOUNTS FOR THE BENEFIT OF THE HLDIGA ACT'S INTENDED BENEFICIARIES AS PROVIDED BY HAWAII LAW.
Describe the Organization's Program Activity:
Part 3 - Line 4a
APPROXIMATELY 48.5% ($392,708 / $810,339) OF THE TOTAL EXPENSES AND PROGRAM SERVICES EXPENSES WERE USED BY THE ASSOCIATION TO SETTLE CLAIMS OF HAWAII OWNERS AND BENEFICIARIES OF POLICIES ISSUED BY HAWAII LICENSED IMPAIRED OR INSOLVENT LIFE AND HEALTH INSURANCE COMPANIES IN ACCORDANCE WITH ITS SOLE PROGRAM SERVICE MISSION. APPROXIMATELY, 51.5% ($417,630 / $810,339) OF THE REMAINING EXPENSES WERE ATTRIBUTABLE TO ORDINARY AND NECESSARY EXPENSES OF THE ASSOCIATION IN FULFILLING ITS SOLE PROGRAM SERVICE MISSION, WHICH ARE REPORTED ON FORM 990, PART IX, COLUMNS A AND B.
PROGRAM SERVICE REVENUE REPORTED ON FORM 990, PART VIII, COMPRISE OF PREMIUMS COLLECTED FROM HAWAII POLICY OWNERS OF IMPAIRED OR INSOLVENT INSURANCE COMPANIES TO SATISFY THEIR RESPECTIVE POLICIES OBLIGATIONS IN ORDER TO RECOGNIZE FUTURE POLICY BENEFITS AMOUNTING TO $311,014. ADDITIONALLY, EARLY ACCESS DISTRIBUTIONS REPRESENT PRO RATA RECEIPTS FROM INSOLVENT INSURERS PER COURT ORDER OR THE NATIONAL ORGANIZATION OF LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS ("NOLHGA") AMOUNTING TO $808,091.
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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 |
Joy Higa Treasurer Unitedhealthcare Ins. Co. | OfficerTrustee | 3 | $0 |
Rosa Iturbides Secretary Equitable | OfficerTrustee | 3 | $0 |
Mary Barney Director Genworth Life & Annuity In | Trustee | 3 | $0 |
Sayaka Ogura Glaser Director New York Life Ins. Co. | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Goodsill Anderson Quinn & Stifel Legal Services | 12/30/21 | $158,206 |
Lewis Roca Rothgerber Christie Llp Legal Services | 12/30/21 | $208,496 |
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 | $1,119,105 |
| Investment income | $1,316,712 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$167,678 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,268,139 |
| 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 | $392,708 |
| 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 | $95,800 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $8,347 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,199 |
| Fees for services: Accounting | $76,180 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $31,610 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $10,567 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $31,865 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,503 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,866 |
| All other expenses | $0 |
| Total functional expenses | $810,339 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,211,893 |
| Savings and temporary cash investments | $2,069,609 |
| 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 | $11,347,653 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,318 |
| Total assets | $34,634,473 |
| 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 | $34,634,473 |
| Total liabilities and net assets/fund balances | $34,634,473 |