RALEIGH, NC
4 risk indicators measuring financial stability and operational resilience
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Sign In — Free (10 views/day)NORTH CAROLINA INSURANCE GUARANTY ASSOCI, founded in 1971, is a mid-sized nonprofit that reported $16.0M in total revenue in fiscal year 2024. Revenue fell 49% from the prior year — a significant decline worth monitoring. Expenses of $24.3M exceeded revenue, resulting in a 52% operating deficit.
THE PURPOSE OF THE NORTH CAROLINA INSURANCE GUARANTY 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 LOSS OF SUCH PROTECTION AMONG INSURERS.
PER NORTH CAROLINA GENERAL STATUTES OF CHAPTER 58, ARTICLE 36, ONE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION'S RESPONSIBILITIES IS TO PROVIDE A "MECHANISM FOR THE PAYMENT OF COVERED CLAIMS...
PER NORTH CAROLINA GENERAL STATUTES OF CHAPTER 58, ARTICLE 36, ONE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION'S RESPONSIBILITIES IS TO PROVIDE A "MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES". FUNDS FOR THE PAYMENT OF COVERED CLAIMS ARE RECEIVED FROM THE FOLLOWING SOURCES:1) THE NORTH CAROLINA DEPARTMENT OF INSURANCE NOTIFIES THE GUARANTY ASSOCIATION WHEN A COURT OF COMPETENT JURISDICTION DECLARES AN INSURANCE COMPANY INSOLVENT. AFTER THE NOTIFICATION, THE GUARANTY MANAGEMENT STAFF MAKES A FORMAL REQUEST FOR THE INSOLVENT INSURANCE COMPANY'S SECURITY DEPOSIT (ALL LICENSED INSURANCE COMPANIES IN NORTH CAROLINA ARE REQUIRED TO MAKE A SECURITY DEPOSIT PAYMENT TO THE DEPARTMENT OF INSURANCE). THIS SECURITY DEPOSIT WILL BE USED TO PAY THE INSOLVENT COMPANY'S UNPAID CLAIMS AND UNEARNED PREMIUMS.2) THE GUARANTY ASSOCIATION MAY ALSO RECEIVE PROCEEDS FROM THE INSOLVENT COMPANY'S LIQUIDATOR. THE GUARANTY ASSOCIATION DOES NOT HAVE ADVANCE NOTICE OF WHEN LIQUIDATOR FUNDS WILL BE REMITTED. THE LIQUIDATOR PROCEEDS ARE ALSO USED TO MAKE UNPAID CLAIM AND UNEARNED PREMIUM PAYMENTS. THE LIQUIDATORS ALSO TRANSFER CLAIM DATA TO THE GUARANTY ASSOCIATION.THE GUARANTY ASSOCIATION'S CLAIMS STAFF IS RESPONSIBLE FOR REVIEWING CLAIM DETAIL AND ENSURING IT MEETS REQUIREMENTS TO BE PROCESSED. ONCE THE CLAIMS ADJUSTERS DETERMINE THE REQUIREMENTS HAVE BEEN MET, THE CLAIMS ADJUSTERS WILL ACTIVATE THE CLAIM FILE AND BEGIN TO PROCESS CLAIM UNPAID CLAIMS AND UNEARNED PREMIUMS PAYMENTS. AS OF THE END OF CALENDAR YEAR 2024, THERE WERE 44 INSOLVENCIES WITH A TOTAL OF 249 OPEN CLAIMS. A TOTAL OF 8,225 CLAIMS HAVE BEEN CLOSED. TOTAL CLAIMS EXPENSE AND PREMIUM REFUND EXPENSES TOTALED $5,975,951 AND $9,528, RESPECTIVELY.
ASSESS MEMBER COMPANIES FOR AMOUNTS NECESSARY TO PAY EXPENSES OF HANDLING COVERED CLAIMS; REFUND MEMBER COMPANIES EXCESS AMOUNTS PREVIOUSLY ASSESSED.PER NORTH CAROLINA GENERAL STATUTES OF CHAPTER 58...
ASSESS MEMBER COMPANIES FOR AMOUNTS NECESSARY TO PAY EXPENSES OF HANDLING COVERED CLAIMS; REFUND MEMBER COMPANIES EXCESS AMOUNTS PREVIOUSLY ASSESSED.PER NORTH CAROLINA GENERAL STATUTES OF CHAPTER 58, ARTICLE 36, ONE OF THE NORTH CAROLINA INSURANCE GUARANTY ASSOCIATION'S RESPONSIBILITIES IS TO PROVIDE A "AN ASSOCIATION TO ASSESS THE LOSS OF (INSURER INSOLVENCIES) AMONG INSURERS". TO ACCOMPLISH THIS, THE GOVERNING BOARD WILL REVIEW OPERATING EXPENSES AND COVERED CLAIMS COSTS TO DETERMINE IF A NEW ASSESSMENT IS NECESSARY TO COVER EXPENSES, OR IF A REFUND OF A PRIOR ASSESSMENT IS PERMISSIBLE. ANY ASSESSMENTS ARE BORNE BY THE GUARANTY ASSOCIATION'S MEMBER INSURANCE COMPANIES IN PROPORTION TO NET DIRECT WRITTEN PREMIUMS.DURING CALENDAR YEAR 2024, THE GUARANTY ASSOCIATION'S BOARD OF DIRECTORS ASSESSED MEMBER INSURERS $9,800,000 AND APPROVED REFUNDS OF $13,237,716.
Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency
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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)
Sign In — Free (10 views/day)| 2024 | 2023 | Change | |
|---|---|---|---|
| Revenue | $15,993,250 | $31,484,715 | -0.5% |
| Expenses | $24,259,876 | $16,499,358 | +0.5% |
| Net Income | $-8,266,626 | $14,985,357 | -1.6% |
Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics
Financial Distress Indicator
Liquidity & Cash Position
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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics
Sign In| Name | Title | Hours/Week | Role | Reportable Comp | Other Comp | Total |
|---|---|---|---|---|---|---|
| JOANNA BILIOURIS | GENERAL MANAGER | 7.50 |
Officer
|
$0 | $36,409 | $384,443 |
| EDITH DAVIS | CHIEF FINANCIAL OFFICER | 12.38 |
Officer
|
$0 | $101,600 | $374,257 |
| DONNA KALLIANOS | CHIEF OPERATING OFFICER | 36.00 |
Key Emp
|
$230,997 | $90,137 | $321,134 |
| TAMMY CHOBOY | TECHNICAL & ADMINISTRATIVE MANAGER | 37.50 |
Highest
|
$138,969 | $42,927 | $181,896 |
| KIM POWELL | CLAIMS MANAGER | 37.50 |
Highest
|
$135,283 | $65,753 | $201,036 |
| KATHLYN GORMAN | LITIGATION MANAGER | 37.50 |
Highest
|
$115,573 | $21,500 | $137,073 |
| ROBIN WOODARD | MULTI-LINE CLAIMS COORDINATOR | 37.50 |
Highest
|
$112,217 | $16,211 | $128,428 |
| N/A | BOARD CHAIRMAN | 1.00 |
|
$0 | $0 | $0 |
| N/A | VICE CHAIRMAN | 1.00 |
|
$0 | $0 | $0 |
| N/A | DIRECTOR | 1.00 |
|
$0 | $0 | $0 |
| N/A | DIRECTOR | 1.00 |
|
$0 | $0 | $0 |
| N/A | DIRECTOR (INCOMING 2024) | 1.00 |
|
$0 | $0 | $0 |
| N/A | DIRECTOR | 1.00 |
|
$0 | $0 | $0 |
| N/A | DIRECTOR | 1.00 |
|
$0 | $0 | $0 |
| Year | Revenue | Expenses | Assets | Net Income |
|---|---|---|---|---|
| 2024 | $15,993,250 | $24,259,876 | $123,336,163 | $-8,266,626 |
| 2023 | $31,484,715 | $16,499,358 | $131,600,660 | $14,985,357 |
| 2022 | $25,291,670 | $29,171,088 | $116,615,303 | $-3,879,418 |
| 2021 | $22,094,183 | $12,411,907 | $120,494,721 | $9,682,276 |
| 2020 | $27,957,673 | $19,370,315 | $110,812,445 | $8,587,358 |
| 2019 | $18,890,891 | $21,331,434 | $102,225,087 | $-2,440,543 |
| 2018 | $45,498,675 | $16,710,283 | $104,665,630 | $28,788,392 |
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