irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $0From 2012 through 2015, collected and provided over $500 million in benefit support payments on behalf of the policyholders of Executive Life Insurance Company of New York.
- #2 $0From 1995 to 1999, provided nearly $100 million of claims and liquidity support to Mutual Benefit Life Assurance Company
named programs · 3 · from sources
What they call their work
Claims and Benefits Administration
Administers claims processing during insurer insolvencies, either directly or through third-party administrators, ensuring eligible policyholders receive benefits in a timely manner.
Policy Transfer and Continuation
Facilitates the transfer of policies to financially sound insurers or issues replacement policies to maintain coverage for affected policyholders.
Policyholder Protection Program
Provides coverage continuation and claim payments for life, health, and annuity policyholders when a licensed insurer becomes insolvent, up to statutory limits of $500,000 per life for most benefits and $1,000,000 for unallocated group annuities.
activities · 1 group
What they do
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Union and Association Benefit Funds 4 activities
- Administers benefit payments and claims support during insurer insolvenciesDistributes funds to policyholders and beneficiaries affected by insurer insolvencies, including over $1.1 billion in annuity benefits to former Executive Life of New York (ELNY) payees and nearly $100 million in support to Mutual Benefit Life Assurance Company claimants. Payments are made directly or through policy transfers to financially sound insurers.
- Facilitates policyholder support and outreach during insolvenciesProvides direct contact support via phone and email to assist affected policyholders, helps locate lost or old life and annuity policies, and informs New York residents about their rights and protections under the guaranty system.
- Finances guaranty protections through assessments on solvent insurersUses a statutory assessment mechanism to collect funds from New York-licensed life and health insurance companies to cover benefit payments and ensure continuity of coverage for policyholders of insolvent member insurers.
- Provides statutory protection to New York resident policyholders of insolvent life and health insurersEnsures continuation of life and health insurance coverage and pays claims up to statutory limits for New York residents when a member insurer becomes insolvent and is ordered liquidated by a court. Coverage includes individual and group policies, with protection extended to annuity contracts and unallocated annuity products.
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financials · form 990 · fy2024
revenue
Total revenue$28.09M
Contributions & grants$3.12M11%
Program service revenue$24.63M88%
Investment income$339K1%
Other revenue$0
expenses
Total expenses$2.56M
Program expenses0%
Admin / overhead0%
Fundraising0%
Salaries & benefits$0
Grants paid out$0
Largest expense lineProfessional Fees
balance sheet
Total assets$31.53M
Cash$31.53M
Investments$0
Liabilities$0
Net assets$31.53M
Liquid reserves147.6 mo
5 years on record · 2020–2024 · YoY revenue +3031.6%
leadership · form 990 part vii · fy2024
Who runs it
board members · 13
- Alison Kelly Mutual of America Life Insurance Company — Treasurer and Director
- David Sloane Genworth Life Insurance Company of New York — Director
- Debra M Lightner EmblemHealth — Director
- Ellie Nieves Guardian Life Insurance Company of America — Director
- James Donellan — Vice-Chairman and Director
- Jessica Cox Highmark Western and Northeastern New York — Director
- John Cerrone Nationwide Life Insurance Company — Director
- Kenneth M Ross John Hancock Life Insurance Company of NY — Secretary and Director
- Kevin M Ericson UnitedHealthcare Insurance Company — Director
- Richard Bowman New York Life Insurance Company — Director
- Ronald Ragin TIAA — Director
- Rosa Iturbides Equitable Life Insurance Company — Director
- Ted Kennedy Corebridge Financial — Director
relationships · 16
Who they work with
- American Independent Network Insurance Company Partner — Subject of receivership and assessment notices issued by the organization.
- American Medical and Life Insurance Company Partner — Insolvent insurer for which the organization provided protection to policyholders.
- AssessConnect Partner — Partner platform used by member insurance companies to update their contact information.
- Confederation Life Insurance Company Partner — Insolvent insurer for which the organization provided protection to policyholders.
- Executive Life Insurance Company of New York Partner — Insolvent insurer for which the organization provided protection to policyholders.
- Executive Life Insurance Company of New York Partner — Provided benefit support payments on behalf of policyholders during insolvency.
- Guaranty Association Benefits Company Partner — Received ELNY’s remaining assets and managed annuity benefit payments from 2013 to 2026.
- JAB Insurance Group Partner — Partnered in the acquisition and rehabilitation of Columbian Mutual Life Insurance Company.
- Mutual Benefit Life Assurance Company Partner — Provided claims and liquidity support during financial distress.
- Mutual Benefit Life Insurance Company Partner — Insolvent insurer for which the organization provided protection to policyholders.
- National Organization of Life and Health Insurance Guaranty Associations Network — Collaborated with GABC and affected guaranty associations to transfer annuity obligations to third-party insurers.
- New York State Department of Financial Services Government — Operates under regulatory framework established by New York law and works within the oversight of state insurance authorities.
- New York State Department of Financial Services Government — State regulator that can declare an insurer impaired and place it in receivership, triggering guaranty corporation protections.
- Pacific Life & Annuity Company Partner — Co-assumed GABC’s annuity obligations with Pacific Life Insurance Company under the 2026 Assumption Reinsurance Agreement.
- Pacific Life Insurance Company Partner — Assumed all of GABC’s remaining annuity obligations under an Assumption Reinsurance Agreement approved in 2026.
- State of New York Government — Statutory oversight and legal framework established by New York state law for the operation of the guaranty corporation.
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.
- Interstate Coordination for Seamless Policyholder Protectionmethodology: interstate_guaranty_coordinationBy coordinating with other state guaranty associations during insurer insolvencies, the organization ensures uninterrupted protection for policyholders across jurisdictions because it enables consistent claim fulfillment regardless of where policies were issued or held.
- Obligation Transfer to Commercial Insurers for Long-Term Securitymethodology: obligation-transfer-to-commercial-insurersBy transferring long-term annuity obligations to financially strong commercial insurers, the organization ensures sustained payment security for structured settlements because it reduces long-term risk exposure and leverages the solvency of active market participants.
- Rehabilitation to Restore Insurer Solvencymethodology: rehabilitation-proceedingBy initiating court-authorized rehabilitation proceedings, the organization addresses financial instability in impaired insurers with the goal of restoring them to financial health, thereby avoiding full insolvency and preserving policyholder protections through early intervention.
- Statutory, Industry-Funded Guaranty Mechanismmethodology: statutory_guaranty_fund_modelBy activating a statutory, industry-funded mechanism upon insurer insolvency, the organization protects policyholders from financial loss because all licensed insurers in New York share responsibility and contribute assessments to cover claims, ensuring continuity of coverage and financial stability for affected individuals.