irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $51K
named programs · 6 · from sources
What they call their work
AIRROC OnDemand
24/7 access to a growing library of recorded education sessions from AIRROC events, with 108 sessions available as of 2024
CLP Designation
Administers the Certified Legacy Professional program, including curriculum development, applicant oversight, and marketing outreach
Dispute Resolution
Provides a formal procedure and directory of arbitrators/mediators to help member companies resolve disputes efficiently
Education & Events
Hosts 7-9 annual in-person and virtual events featuring expert-led sessions on legacy insurance issues, with free registration for members
NextGen Council
Engages emerging professionals through networking, intern events, and leadership development, including a podcast and scholarship program
Regulatory Committee
Monitors and responds to regulatory developments, including submitting comments and testifying before the NAIC Restructuring Working Group
activities · 8 groups
What they do
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Professional Certification and Continuing Education 1 activity
- Administers Certified Legacy Professional (CLP) designation programOffers and manages a CLP certification program requiring completion of coursework, attendance at industry events, and an online ADR module. Processes applications, collects fees, and conferred the designation on 13 individuals in 2024.
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Industry Advocacy and Regulatory Engagement 1 activity
- Advocates before regulatory bodies on behalf of the legacy insurance sectorSubmits comments and testimony to the NAIC Restructuring Working Group through its Regulatory Committee to influence policy affecting runoff companies.
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Organizational Governance & Leadership Development 1 activity
- Facilitates member-led committees to advance organizational initiativesOperates a committee structure managed by member volunteers and co-chaired by board members to lead various organizational and professional development initiatives.
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General Operating Support Grants 1 activity
- Funds grants to support sector initiativesProvides $5,000 in grants annually to support activities in the legacy insurance and reinsurance sector, as documented in 2020 and 2022.
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Professional Networking Events 1 activity
- Hosts education and networking events for legacy insurance sector professionalsOrganizes 7 to 9 annual education and networking events, including the Commutation and Networking Event and the Transactions Forum, with in-person and virtual participation. In 2024, hosted 7 events comprising 29 education sessions and 245 in-person and 35 virtual attendees at the October Transactions Forum.
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Organizational Newsletter Production and Distribution 1 activity
- Produces and distributes educational content and publicationsProduces the AIRROC Update newsletter, AIRROC Matters magazine, annual reports (2021–2025), and maintains a library of 108 on-demand video sessions. Published 99 new articles in AIRROC Update in 2024 and offers on-demand educational modules for members.
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Alternative Dispute Resolution Standards & Accreditation 1 activity
- Provides dispute resolution services and resources for the legacy insurance sectorMaintains a formal Dispute Resolution Procedure (DRP), a searchable public directory of certified arbitrators and mediators, Pre-Set Neutral Panels, and provides assistance in resolving impasses in arbitrator selection. Also updates DRP guidelines and promotes dispute resolution offerings through educational sessions.
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Student Career Readiness and Internship Placement 1 activity
- Supports emerging professionals through podcast, internships, and scholarshipsProduces the "NextGen" and "The Legacy Life" podcasts with 26 episodes and nearly 4,000 downloads, co-hosts intern events with ReUnder 40’s attended by nearly 100 student interns, and offers a scholarship program for emerging professionals in the legacy insurance sector.
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financials · form 990 · fy2024
revenue
Total revenue$350K
Contributions & grants$383K109%
Program service revenue$2K1%
Investment income$27K8%
Other revenue$-61K
expenses
Total expenses$373K
Program expenses100%
Admin / overhead0%
Fundraising0%
Salaries & benefits$194K
Grants paid out$5K
Largest expense lineCompensation
balance sheet
Total assets$606K
Cash$606K
Investments$0
Liabilities$144K
Net assets$462K
Liquid reserves19.5 mo
5 years on record · 2020–2024 · YoY revenue -1.9%
leadership · form 990 part vii · fy2024
Who runs it
paid leadership · 1
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| CAROLYN FAHEY | EXECUTIVE DI | 40 | $183K |
board members · 11
- BETSY MITCHELL — DIR & CO-VIC
- BRANDAN MCQUIGGAN — DIRECTOR
- DAWN BALLIN — DIR & CO-VIC
- JUDY HARNADEK — DIRECTOR
- KATIE REYNOLDS — DIRECTOR
- MARIANNE PETILLO — DIRECTOR & T
- MICHAEL LONEY — DIRECTOR
- MIKE TERELMES — DIRECTOR
- SALLY REDD — DIRECTOR
- STEVE GOATE — DIRECTOR
- STEWART RICHMOND — DIRECTOR
relationships · 88
Who they work with
- ANS Solutions Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector
- ANS Solutions Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector.
- ANS Solutions Partner — Corporate partner supporting AIRROC initiatives.
- ANS Solutions Partner — Corporate partner supporting AIRROC's initiatives through contributions and sponsorship.
- ARIAS*U.S. Partner — Recognizes ARIAS*U.S. certification as a qualifying standard for AIRROC-certified arbitrators and mediators.
- Chaffetz Lindsey Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector
- Chaffetz Lindsey Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector.
- Chaffetz Lindsey Partner — Corporate partner supporting AIRROC initiatives.
- Chaffetz Lindsey Partner — Corporate partner supporting AIRROC's initiatives through contributions and sponsorship.
- Dentons Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector
- Dentons Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector.
- Dentons Partner — Corporate partner supporting AIRROC initiatives.
- Dentons Partner — Corporate partner supporting AIRROC's initiatives through contributions and sponsorship.
- Foley & Lardner LLP Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector
- Foley & Lardner LLP Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector.
- Foley & Lardner LLP Partner — Corporate partner supporting AIRROC initiatives.
- Foley & Lardner LLP Partner — Corporate partner supporting AIRROC's initiatives through contributions and sponsorship.
- Gallagher Bassett Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector
- Gallagher Bassett Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector.
- Gallagher Bassett Partner — Corporate partner supporting AIRROC initiatives.
- Gallagher Bassett Partner — Corporate partner supporting AIRROC's initiatives through contributions and sponsorship.
- Gallo Vitucci Partner — Corporate partner supporting AIRROC initiatives.
- Gallo Vitucci Partner — Corporate partner supporting AIRROC's initiatives through contributions and sponsorship.
- Gallo Vitucci Karter LLP Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector.
- Gallo Vitucci Klar LLP Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector
- Gerber Ciano Kelly & Brady LLP Partner — Corporate partner supporting AIRROC's initiatives through contributions and sponsorship.
- Gerber Ciano Kelly Brady LLP Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector
- Gerber Ciano Kelly Brady LLP Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector.
- Gerber Ciano Kelly Brady LLP Partner — Corporate partner supporting AIRROC initiatives.
- Hogan Lovells Partner — Corporate Partner supporting AIRROC's initiatives in the legacy insurance sector
+ 58 more
strategies · 4
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Convening Hub for Sector Advancementmethodology: convening_hubBy bringing together legacy insurance and reinsurance companies, the organization advances transactions, shares expertise, and develops leaders because collective action strengthens sector resilience and continuity.
- Industry-Led Standards and Certificationmethodology: professional_certificationBy establishing professional standards and offering third-party certification managed through member-led governance, the organization enhances credibility and industry relevance because peer-driven standards increase adoption and trust.
- Specialized Dispute Resolution with Efficiency Focusmethodology: streamlined_dispute_resolutionBy offering streamlined and customizable dispute resolution processes supported by a qualified panel, the organization enables swift, fair, and cost-effective resolution of run-off disputes because specialized procedures reduce delays and enhance trust in outcomes.
- Structured Knowledge Transfer and Professional Developmentmethodology: nextgen-knowledge-transferBy engaging advisory and NextGen councils, the organization ensures continuity in the legacy sector through intergenerational knowledge transfer and leadership development because structured engagement of emerging professionals sustains long-term sector capacity.