2024-10-24T15:57:34-05:00 2023-12-31 630590670 KASSOUF & CO INC 2101 HIGHLAND AVE S SUITE 300 BIRMINGHAM AL 352054009 990 2023-01-01 630810507 ALABAMA INSURANCE GUARANTY ASSOCIATION ALAB 2058234042 600 UNIVERSITY PARK PLACE 260 BIRMINGHAM AL 35209 ANDREA LENTINE EXECUTIVE DIRECTOR 2058234042 2024-10-15 1 0 MICHAEL KASSOUF P01328519 2054432500 2024-10-09 2023 2024-10-15 13:58:12Z ANDREA LENTINE 600 UNIVERSITY PARK PLACE 260 BIRMINGHAM AL 35209 6591084 0 X HTTPS://ALAIGA.COM X 1980 AL 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 OR POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER, TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES, AND TO PROVIDE AN ASSOCIATION TO ALLOCATE THE COST OF SUCH PROTECTION AMONG INSURERS. THE ASSOCIATION HAS ACTED IN THIS CAPACITY SINCE ITS INCEPTION. 7 7 9 0 0 0 0 0 0 0 1583127 3741502 5677464 2545205 7260591 6286707 0 0 0 0 1383947 1441301 0 0 0 8360748 7505311 9744695 8946612 -2484104 -2659905 155685622 156559261 152191037 141789251 3494585 14770010 X SEE SCHEDULE O 0 0 SEE SCHEDULE O 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 189 0 1 9 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X TOMMIE G CUMMINGS CPA 2054432500 2101 HIGHLAND AVENUE S STE 300 BIRMINGHAM AL 35205 ALFA BRYAN HUBBARD DIRECTOR, SEE SCHEDULE O 2.00 X X 0 0 0 NATIONWIDE KIM ADAMS DIRECTOR, SEE SCHEDULE O 2.00 X X 0 0 0 CHUBB JENNY ANZALONE-ACKLEY DIRECTOR, SEE SCHEDULE O 1.00 X X 0 0 0 STATE FARM ERIC HARTILL DIRECTOR, SEE SCHEDULE O 1.00 X 0 0 0 ALLSTATE MIKE BORYSEK DIRECTOR, SEE SCHEDULE O 1.00 X 0 0 0 BERKLEY INDUSTRIAL GREG PIERRE DIRECTOR, SEE SCHEDULE O 1.00 X 0 0 0 TRAVELERS DAVID DOVE DIRECTOR, SEE SCHEDULE O 1.00 X 0 0 0 NATIONWIDE JACOB SCHMIDT DIRECTOR, SEE SCHEDULE O 1.00 X 0 0 0 ANDREA LENTINE EXECUTIVE DIRECTOR 40.00 X 204189 0 31039 TORREY CRENSHAW CLAIMS MANAGER 40.00 X 105377 0 31849 309566 0 62888 2 0 1 0 CORPORATE PHARMACY SERVICES PO BOX 1950 GADSDEN AL 35902 RX CLAIMS 783179 SIMPSON MCMAHAN GLICK & BURFORD 100 CONCOURSE PKWY HOOVER AL 35244 LEGAL 315683 AFFINITY HOSPITAL LLC 3690 GRANDVIEW PARKWAY BIRMINGHAM AL 35243 MEDICAL SERVICES 277552 REMED RECOVERY CARE CENTRS OF LOUISIANA 16 INDUSTRIAL BLVD STE 203 PAOLI PA 19301 MEDICAL SERVICES 264635 TALLADEGA HEALTHCARE CENTER 616 CHAFFEE ST TALLADEGA AL 35160 MEDICAL SERVICES 252755 5 4045879 4045879 304377 -304377 -304377 -304377 EARLY ASSET DISTRIBUTIONS 524298 1542972 1542972 DISTRIBUTION OF ASSETS 524298 960616 960616 CLAIM RECOVERIES 524298 41617 41617 2545205 6286707 6286707 0 0 358257 699320 36929 284251 62544 69829 40938 145322 93080 38818 106434 181820 24762 11149 12839 29003 CLAIMS PAID 6237819 DIRECT LEGAL EXPENSE 245854 CLAIMS EXPENSES 171129 ASSOCIATION DUES 93670 2845 8946612 18700093 15838846 136935239 140680180 272480 246241 36294 26239 13996 13996 155685622 156559261 152191037 141789251 152191037 141789251 X 3494585 14770010 3494585 14770010 155685622 156559261 X -2659905 3533543 10401787 X X 0 1 X 1 0 272480 246241 26239 26239 CLAIM LIABILITIES 141789251 141789251 9820250 3533543 3533543 6286707 0 6286707 8946612 0 8946612 0 8946612 PART X, LINE 2 THE ASSOCIATION IS EXEMPT FROM FEDERAL AND STATE TAXES UNDER EXISTING PROVISIONS OF THE INTERNAL REVENUE CODE SECTION 501(C)(6) AND THE STATE OF ALABAMA CODE. THE ASSOCIATION FILES ITS FEDERAL FORM 990 TAX RETURN WHICH IS SUBJECT TO EXAMINATION BY THE RELEVANT TAX AUTHORITY UNTIL THE EXPIRATION OF THE APPLICABLE STATUTE OF LIMITATIONS, GENERALLY THREE YEARS AFTER THE FILING OF THE RETURN. IT IS DIFFICULT TO ANTICIPATE THE TIMING AND RESOLUTION OF ANY PARTICULAR UNCERTAIN TAX POSITION BASED ON THE ASSOCIATION'S ASSESSMENT OF PAST EXPIERENCE AND INTRICATE EVALUATION OF FUTURE EVENTS. THE ASSOCIATION DOES NOT CURRENTLY ANTICIPATE SIGNIFICANT CHANGES IN ITS TAX POSITIONS OVER THE NEXT 12 MONTHS. X X X X 0 0 0 ANDREA LENTINE EXECUTIVE DIRECTOR 204189 0 0 0 0 0 9225 0 21814 0 235228 0 0 0 FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION OR ACTIVITIES THE ALABAMA INSURANCE GUARANTY ACT MANDATED THE CREATION OF THE ALABAMA 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 OR POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER, TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES, AND TO PROVIDE AN ASSOCIATION TO ALLOCATE THE COST OF SUCH PROTECTION AMONG INSURERS. THE ASSOCIATION HAS ACTED IN THIS CAPACITY SINCE ITS INCEPTION. FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS: ALABAMA INSURANCE GUARANTY ASSOCIATION HAS MAINTAINED THE BOOKS AND RECORDS AND ADMINISTERED CLAIMS FOR 40 INSOLVENCIES IN 2023. AS REQUIRED BY THE STATE OF ALABAMA STATUTE, THE BOOKS AND RECORDS OF EACH INSOLVENCY ARE MAINTAINED IN THREE SEPARATE ACCOUNTS: AUTO, WORKERS COMPENSATION AND OTHER. DURING THE YEAR, THE ASSOCIATION: 1. PAID OTHER PREMIUM REFUNDS OF $554 2. PAID AUTO CLAIMS OF $70,023 3. PAID WORKERS COMPENSATION CLAIMS OF $5,000,400 4. PAID OTHER CLAIMS OF $1,167,396 5. INCURRED DIRECT EXPENSES OF ADMINISTERING THE CLAIMS OF $171,129 6. INCURRED LEGAL FEES ASSOCIATED WITH CLAIMS MANAGEMENT OF $245,854 7. INCURRED ADMINISTRATIVE EXPENSES OF $2,291,256 TO MAINTAIN ITS OFFICES,SUPPORT THE NATIONAL TRADE ASSOCIATION WHO ADMINISTERS CERTAIN INSOLVENCIES AND COMPENSATE EMPLOYEES, MOST OF WHOM ADMINISTER CLAIMS. FORM 990, PART VI, SECTION A, LINE 6 THE ASSOCIATION'S MEMBERSHIP IS COMPRISED OF ALL INSURANCE COMPANIES THAT ARE LICENSED TO WRITE WORKERS' COMPENSATION, AUTOMOBILE, OTHER PROPERTY AND CASUALTY INSURANCE WITHIN THE STATE OF ALABAMA. FORM 990, PART VI, SECTION B, LINE 11B THE GOVERNING BODY IS PROVIDED A DRAFT OF THE FORM 990 FOR REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY SIGNS THE CONFLICT OF INTEREST STATEMENT FOLLOWING DISCUSSION WITH THE EXECUTIVE COMMITTEE TO IDENTIFY ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE ASSOCIATION OBTAINS CURRENT COMPENSATION INFORMATION BY SURVEY CONDUCTED BY A CONSULTANT PERIODICALLY OR OTHER MEANS OF DATA COLLECTION FOR EACH EMPLOYEE CLASSIFICATION. THE COMPENSATION INFORMATION IS PROVIDED TO THE BOARD OF DIRECTORS FOR DELIBERATION AND FINAL APPROVAL AS TO EACH EMPLOYEE'S ANNUAL COMPENSATION AMOUNT. FORM 990, PART VI, SECTION C, LINE 19 THE ASSOCIATION WILL: (1) MAKE ITS APPLICATION FOR THE RECOGNITION OF EXEMPTION AND ITS ANNUAL INFORMATION RETURNS AVAILABLE FOR PUBLIC INSPECTION WITHOUT CHARGE AT ITS PRINCIPAL OFFICES DURING REGULAR BUSINESS HOURS, (2) MAKE EACH ANNUAL INFORMATION RETURN AVAILABLE FOR A PERIOD OF 3 YEARS BEGINNING ON THE DATE THE RETURN IS REQUIRED TO BE FILED (DETERMINED WITH REGARD TO ANY EXTENSION OF TIME FOR FILING) OR IS ACTUALLY FILED, WHICHEVER IS LATER, (3) PROVIDE A COPY WITHOUT CHARGE, OTHER THAN A REASONABLE FEE FOR REPRODUCTION AND ACTUAL POSTAGE COSTS, OF ALL OR ANY PART OF ANY APPLICATION OR RETURN REQUIRED TO BE MADE AVAILABLE FOR PUBLIC INSPECTION TO ANY INDIVIDUAL WHO MAKES A REQUEST FOR SUCH COPY IN PERSON OR IN WRITING (EXCEPT AS PROVIDED IN REGULATIONS SECTIONS 301.6104(D)-2 AND -3), OR (4) MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS PUBLIC DURING THE YEAR UPON REQUEST AS INDICATED ABOVE. FORM 990, PART XI, LINE 9: (INCR) DECR IN CLAIMS LIABILITIES 10,401,787. FORM 990, PART XII, LINE 1, ACCOUNTING METHOD USED TO PREPARE FORM 990: ALABAMA INSURANCE GUARANTY ASSOCIATION USES THE MODIFIED CASH METHOD OF ACCOUNTING. FORM 990, PART XII, LINE 2C, SELECTION OF AN INDEPENDENT ACCOUNTANT: THE ASSOCIATION'S BOARD OF DIRECTORS APPROVED THE SELECTION OF THE INDEPENDENT ACCOUNTANT AND VOTES ON THE ACCEPTANCE OF THE ASSOCIATION'S AUDITED FINANCIAL STATEMENTS ANNUALLY. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC: ALFA, BRYAN HUBBARD CHAIRMAN 1/1-12/31/23 PO BOX 11000, MONTGOMERY, AL 36191 NATIONWIDE, KIM ADAMS VICE-CHAIRMAN 1/1-5/8/23 5390 CHESTNUT DRIVE, CUMMING, GA 30040 NATIONWIDE, JACOB SCHMIDT DIRECTOR 5/9-12/31/23 17905 HOWSMOOR PLACE, LUTZ, FL 33559 CHUBB, JENNY ANZALONE-ACKLEY DIRECTOR 1/1-5/8/23, VICE-CHARIMAN 5/9-12/31/23 436 WALNUT STREET, PHILADELPHIA, PA 19106 STATE FARM, ERIC HARTILL DIRECTOR 1/1-12/31/23 100 STATE FARM PARKWAY, BIRMINGHAM, AL 35209 ALLSTATE, MIKE BORYSEK DIRECTOR 1/1-12/31/23 222 W MERCHANDISE MART PLAZA, SUITE 850, CHICAGO, IL 60654 BERKLEY INDUSTRIAL COMP, GREG PIERRE DIRECTOR 1/1-12/31/23 ONE METROPLEX DRIVE, SUITE 500, BIRMINGHAM, AL 35209 TRAVELERS, DAVID DOVE DIRECTOR 1/1-12/31/23 3000 RIVERCHASE GALLERIA, STE 600, BIRMINGHAM, AL 35244