Form 990 for tax year 2023
Filed by LOUISIANA INSURANCE GUARANTY ASSOCIATION.
Totals
- Total revenue
- $213,367,101
- Total expenses
- $339,949,905
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $194,627,090
- Investment income
- $18,741,443
- Other revenue
- -$1,432
- Total assets, end of year
- $381,849,590
- Total liabilities, end of year
- $600,000,709
- Net assets or fund balances, end of year
- -$218,151,119
- 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: ASSESSMENTS
total $112,535,939 · related or exempt $112,535,939
-
2b · Program service revenue: LIQUIDATION DISTRIBUTION
total $82,089,980 · related or exempt $82,089,980
-
2c · Program service revenue: RESTITUTION
total $1,171 · related or exempt $1,171
-
3 · Investment income
total $18,725,531 · excluded $18,725,531
-
7a · Gross sales of assets other than inventory
securities $1,695,214
-
7b · Less cost or other basis and sales expenses
securities $1,679,302
-
7c · Gain or loss
securities $15,912
-
7d · Net gain or loss
total $15,912 · excluded $15,912
-
11a · Other revenue: K-1 ORDINARY BUSINESS INCOME
total -$1,432 · related or exempt -$1,432
-
11e · Other revenue, total
-$1,432
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $280,021,423
-
5 · Compensation of officers, directors and key employees
total $375,199
-
7 · Other salaries and wages
total $1,569,936
-
9 · Other employee benefits
total $188,469
-
10 · Payroll taxes
total $132,996
-
11b · Fees: legal
total $70,249
-
11c · Fees: accounting
total $41,500
-
11f · Fees: investment management
total $3,872
-
11g · Fees: other
total $365,745
-
13 · Office expenses
total $145,894
-
14 · Information technology
total $724,387
-
16 · Occupancy
total $31,214
-
17 · Travel
total $30,348
-
19 · Conferences, conventions and meetings
total $9,238
-
23 · Insurance
total $29,903
-
24a · Other expenses: OUTSIDE CLAIMS
total $33,319,583
-
24b · Other expenses: BOND ISSUANCE COSTS
total $22,134,375
-
24c · Other expenses: OTHER CLAIMS HANDLING
total $509,635
-
24d · Other expenses: REPAIRS & MAINTENANCE
total $131,710
-
24e · All other expenses
total $114,229
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,632,675 · end of year $43,449,103
-
2 · Savings and temporary cash investments
beginning of year $503,289,540 · end of year $318,330,249
-
12 · Investments: other securities
beginning of year $3,508,747 · end of year $20,070,238
-
17 · Accounts payable and accrued expenses
beginning of year $709 · end of year $709
-
20 · Tax-exempt bond liabilities
beginning of year $600,000,000 · end of year $600,000,000
-
27 · Net assets without donor restrictions
beginning of year -$91,569,747 · end of year -$218,151,119
Mission and programs · 2023
Mission
LIGA IS AN ORGANIZATION CREATED BY THE INSURANCE GUARANTY ACT (LA. R.S. 1375-1394) TO PAY FOR THE CLAIMS OF INSOLVENT MEMBER INSURANCE COMPANIES. FUNDS ARE PROVIDED FOR THE PAYMENT OF THE CLAIMS BY THE ASSESSMENT OF THE REMAINING MEMBER INSURANCE COMPANIES. ALL ADMITTED INSURANCE COMPANIES DOING BUSINESS IN LOUISIANA ARE REQUIRED TO BE MEMBERS OF THE ASSOCIATION (EXCLUDING CERTAIN LINES OF BUSINESS EXCLUDED BY STATUTE).
Activities or mission (Part I)
LIGA IS AN ORGANIZATION CREATED BY THE INSURANCE GUARANTY ACT (LA. R.S. 1375-1394) TO PAY FOR THE CLAIMS OF INSOLVENT MEMBER INSURANCE COMPANIES.
-
LIGA SERVES AS A SAFETY NET FOR LOUISIANA INSURANCE POLICYHOLDERS. IN 2023, LIGA PAID APPROXIMATELY $237 MILLION TO POLICYHOLDERS AND THIRD PARTY CLAIMANTS.
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Cindy BetzCINDY BETZ
DIRECTOR (THRU 03/23)
- Total calculated
- $0
- Hours/week
- 1
-
Cullen ClarkCULLEN CLARK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Denis HusersDENIS HUSERS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jennifer WiseJENNIFER WISE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
John HawieJOHN HAWIE
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Markham R McKnightMARKHAM R MCKNIGHT
DIRECTOR (THRU 09/23)
- Total calculated
- $0
- Hours/week
- 1
-
Michael T GrayMICHAEL T GRAY
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Noel J Bunol IVNOEL J BUNOL IV
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Stephen SchremppSTEPHEN SCHREMPP
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Michael DutzMICHAEL DUTZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael Rodrigue JrMICHAEL RODRIGUE JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Stephanie LabordeSTEPHANIE LABORDE
GENERAL COUNSEL
- Total calculated
- $0
- Hours/week
- 1
-
Stewart GuerinSTEWART GUERIN
LDI LIAISON
- Total calculated
- $0
- Hours/week
- 1
-
John WellsJOHN WELLS
EXECUTIVE DIRECTOR
- Total calculated
- $375,199
- From this org
- $345,839
- From related orgs
- $0
- Other
- $29,360
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $247,339
- Bonus
- $98,500
- Other
- $0
- Deferred
- $16,975
- Nontaxable benefits
- $12,385
- Filer's total
- $375,199
-
Deidre ArceneauxDEIDRE ARCENEAUX
CLAIMS MANAGER
- Total calculated
- $214,658
- From this org
- $202,579
- From related orgs
- $0
- Other
- $12,079
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $154,079
- Bonus
- $48,500
- Other
- $0
- Deferred
- $10,129
- Nontaxable benefits
- $1,950
- Filer's total
- $214,658
-
Malcolm TwinerMALCOLM TWINER
SR. CLAIM EXAMINER
- Total calculated
- $137,331
- From this org
- $117,391
- From related orgs
- $0
- Other
- $19,940
- Hours/week
- 40
-
Ken MannKEN MANN
SR. CLAIM EXAMINER
- Total calculated
- $132,799
- From this org
- $124,691
- From related orgs
- $0
- Other
- $8,108
- Hours/week
- 40
-
Kerry CicconeKERRY CICCONE
SR. CLAIM EXAMINER
- Total calculated
- $116,731
- From this org
- $100,005
- From related orgs
- $0
- Other
- $16,726
- Hours/week
- 40
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 · Compensation committee
- 3 · Independent compensation consultant
- 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
- 2023
- Filed
- 3 February 2025
- IRS schema version
- 2023v6.0
- Source object
- 202500349349301660
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