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← ALABAMA LIFE & DISABILITY INSURANCE GUARANTY ASSOC

Form 990 for tax year 2022

Filed by ALABAMA LIFE & DISABILITY INSURANCE GUARANTY ASSOC.

Totals

Total revenue
$365,091
Total expenses
$1,983,466
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$50,457
Investment income
$316,180
Other revenue
-$1,546
Total assets, end of year
$20,564,479
Total liabilities, end of year
$92,827,103
Net assets or fund balances, end of year
-$72,262,624
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: EARLY ACCESS DISTRIBUT

    total $50,457 · related or exempt $50,457

  • 3 · Investment income

    total $316,180 · related or exempt $316,180

  • 11a · Other revenue: PREMIUM INCOME

    total $254 · related or exempt $254

  • 11b · Other revenue: ASSESSMENT ALLOWANCE

    total -$1,800 · related or exempt -$1,800

  • 11e · Other revenue, total

    -$1,546

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $169,295

  • 7 · Other salaries and wages

    total $52,207

  • 8 · Pension plan contributions

    total $6,723

  • 9 · Other employee benefits

    total $10,571

  • 10 · Payroll taxes

    total $15,483

  • 11b · Fees: legal

    total $48,703

  • 11c · Fees: accounting

    total $32,900

  • 13 · Office expenses

    total $1,929

  • 16 · Occupancy

    total $11,655

  • 17 · Travel

    total $76

  • 19 · Conferences, conventions and meetings

    total $15,642

  • 22 · Depreciation, depletion and amortization

    total $1,691

  • 23 · Insurance

    total $2,757

  • 24a · Other expenses: CLAIMS SERVICING EXPENS

    total $874,547

  • 24b · Other expenses: POLICYHOLDER BENEFIT CL

    total $600,524

  • 24c · Other expenses: NOLHGA DUES & ASSESSMEN

    total $79,844

  • 24d · Other expenses: CONSULTANTS FEES

    total $35,960

  • 24e · All other expenses

    total $22,959

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $100,777 · end of year $87,829

  • 2 · Savings and temporary cash investments

    beginning of year $4,905,153 · end of year $4,288,163

  • 4 · Accounts receivable

    beginning of year $557,000 · end of year $75,800

  • 9 · Prepaid expenses and deferred charges

    beginning of year $243,827 · end of year $123,649

  • 10a · Land, buildings and equipment: cost or other basis

    $28,045

  • 10b · Land, buildings and equipment: accumulated depreciation

    $24,904

  • 10c · Land, buildings and equipment, net

    beginning of year $4,832 · end of year $3,141

  • 11 · Investments: publicly traded securities

    beginning of year $16,226,632 · end of year $15,942,177

  • 15 · Other assets

    beginning of year $45,296 · end of year $43,720

  • 17 · Accounts payable and accrued expenses

    beginning of year $34,200 · end of year $133,537

  • 23 · Secured mortgages and notes payable

    beginning of year $993,566 · end of year $993,566

  • 25 · Other liabilities

    beginning of year $74,904,000 · end of year $91,700,000

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year -$53,848,249 · end of year -$72,262,624

Mission and programs · 2022

Mission

PROVIDING PAYMENTS TO OR ON BEHALF OF POLICYHOLDERS OF INSOLVENT INSURANCE COMPANIES & PROVIDING CONTINUED COVERAGE FOR POLICYHOLDERS BY NEGOTIATING REINSURANCE AGREEMENTS OR PROVIDING ADMINISTRATIVE SERVICES.

  • THE ALABAMA INSURANCY GUARANTY ACT MANDATED THE CREATION OF THE ALABAMA LIFE AND DISABILITY 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 OF POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER, TO ASSIST IN THE DETECTION AND PREVENTION OF INSURER INSOLVENCIES, AND TO PROVIDE AN ASSOCIATION TO ASSESS THE COST OF SUCH PROTECTION AMONG INSURERS. THE ASSOCIATION HAS ACTED IN THIS CAPACITY SINCE ITS INCEPTION.

As filed on the 2022 return.

Listed in Part VII

  • Protective Life Mary Pat Lawrence

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Alfa Life Ins Sid Belcher

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Life Ins Co Of Al Clarence Daugette

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Liberty Natl Life Jennifer Watkins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amer Gen Life Ins Acc Tom Glasson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Untd Hlth Care Life John Matthews

    DIRECTOR (6 MO)

    Total calculated
    $0
    Hours/week
    1

  • Untd Hlth Care Life Joy Higa

    DIRECTOR (2 MO)

    Total calculated
    $0
    Hours/week
    1

  • Untd Hlth Care Life Sherry Gillespi

    DIRECTOR (4 MO)

    Total calculated
    $0
    Hours/week
    1

  • Metropolitan Life Bernadette Flynn

    DIRECTOR (11 MO)

    Total calculated
    $0
    Hours/week
    1

  • Dotty Still

    EXECUTIVE DIRECTOR

    Total calculated
    $169,295
    From this org
    $150,285
    From related orgs
    $0
    Other
    $19,010
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,285
    Bonus
    $0
    Other
    $0
    Deferred
    $19,010
    Nontaxable benefits
    $0
    Filer's total
    $169,295

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
10 October 2023
IRS schema version
2022v5.0
Source object
202322989349301342

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