2024-05-13T16:52:02-05:00 2023-12-31 850203431 REDW LLC 8801 Horizon Blvd NE Suite 401 Albuquerque NM 87113 990 2023-01-01 741936016 New Mexico Life Insurance Guaranty Association NEWM 5058207355 201 Third Street NW Suite 1200 Albuquerque NM 87102 Michael C Batte Administrator 5058207355 2024-05-08 1 Michael Batte 999009999 1 Jamie S Fridley CPA P00380605 5059983200 2024-05-08 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z Michael C Batte 215 Lincoln Ave Santa Fe NM 87501 931667 0 X www.nmlifega.org X 1979 NM Benefits paid and expenses incurred to protect policy holders of insolvent insurance companies. 9 0 0 0 0 0 0 0 233968 928526 2255 3141 0 0 236223 931667 0 0 0 0 0 0 0 0 0 428108 835842 428108 835842 -191885 95825 1236470 1332295 0 0 1236470 1332295 X To provide a mechanism to facilitate continuation of coverage, payment of covered claims under certain insurance policies, to avoid excessive delay in payment and avoid financial loss to claimants or policyholders because of insolvency of an insurer, to assist in detection and prevention of insurer insolvencies and provide an Association to assess the cost of such protection among insurers. 0 0 Benefits paid and expenses incurred to protect policy holders of insolvent insurance companies. 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 X 9 0 0 1 0 0 1 1 1 1 1 0 0 1 1 1 0 0 1 0 0 0 X Michael C Batte Administrator 5058207355 215 Lincoln Ave Ste 203 Santa Fe NM 87501 X Rosa G Iturbides Chair 2.00 X X 0 0 0 Gerrie Marks Vice-Chair 2.00 X X 0 0 0 Bob Corn Secretary 2.00 X X 0 0 0 Donald L Hunter Treasurer 2.00 X X 0 0 0 Megan Claypool Director 2.00 X 0 0 0 John C Cook Director 2.00 X 0 0 0 Eric DuPont Director 2.00 X 0 0 0 Sarah James Director 2.00 X 0 0 0 Darie Jordan Director 2.00 X 0 0 0 0 0 0 0 0 0 0 Mike Batte LLC 215 Lincoln Ave Ste 203 Santa Fe NM 87501 Admin Service 189331 1 Recoveries 524298 722423 722423 Assessments Called 524298 179987 179987 Premium Income 524298 26116 26116 928526 3141 3141 931667 928526 0 3141 21011 15000 12620 16764 14843 8475 Reinsurance 328976 Contract fees 189331 Policy claim benefits 118661 NOLHGA fees and dues 101679 8482 835842 1141416 1182747 95054 149548 1236470 1332295 0 0 X 1236470 1332295 1236470 1332295 1236470 1332295 95825 0 X X 0 1 X 1 0 0 LHICA escrow 9822 NSIC escrow 72448 SAIC escrow 18418 Southland National Escrow 48860 149548 X 931667 0 931667 0 931667 835842 0 835842 0 835842 Part X, Line 2: The Association is exempt from income taxes under Section 501(c)(6) of the Internal Revenue Code. The board believes the Association has taken no uncertain tax positions. Form 990, Part VI, Section A, line 3 The Board has entered into a contract with Michael C. Batte to perform certain administrative duties on behalf of the Association and the Board. Form 990, Part VI, Section A, line 6 The Association is composed of members, which consist of all life and health insurers licensed to do business in New Mexico. Their membership in the Association is a condition of their licensure. Form 990, Part VI, Section A, line 7a The members elect the Board of Directors from nominees approved by the New Mexico Superintendent of Insurance (the chief insurance regulatory official in New Mexico). Form 990, Part VI, Section A, line 7b The Board of Directors is empowered to act on behalf of the Association and in accordance with the Life and Health Insurance Guaranty Law. The Association's Plan of Operation is subject to the approval of the Superintendent of Insurance. Form 990, Part VI, Section B, line 11b The Form 990 is reviewed by the Board prior to filing. Form 990, Part VI, Section C, line 19 The Association makes its governing documents, conflict of interest policy and financial statements available to the public at its offices in Santa Fe, New Mexico. Form 990, Part XII, Line 2C: The Organization's Audit Committee is responsible for the oversight of the audited financial statements and the organization did not change its oversight process or selection process during the tax year.