HAWAII LIFE AND DISABILITY INSURAN… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1979

Legal Domicile

Principal Officer

Margolee Lee

Phone

8084408763

Tax Period

2023-01-01 to 2023-12-31

HAWAII LIFE AND DISABILITY INSURANCE GUARANTY ASSOCIATION, founded in 1979, is a community nonprofit that reported $2.3M in total revenue in fiscal year 2023. Revenue surged 143% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.5M, a strong 64% operating margin.

Mission

The Association's statutory mission is set forth and governed by the HLDIGA Act (i.e., to protect Hawaii owners and beneficiaries of policies issued by Hawaii licensed life and health insurance companies that become impaired or insolvent, subject to certain limits).

Program Service Accomplishments

Program 1

Expenses: $810,339

Approximately 48.5% ($392,708 / $810,339) of the Total Expenses and Program Services Expenses were used by the Association to settle claims of Hawaii owners and beneficiaries of policies issued by...

Approximately 48.5% ($392,708 / $810,339) of the Total Expenses and Program Services Expenses were used by the Association to settle claims of Hawaii owners and beneficiaries of policies issued by Hawaii licensed impaired or insolvent life and health insurance companies in accordance with its sole program service mission. Approximately, 51.5% ($417,630 / $810,339) of the remaining expenses were attributable to ordinary and necessary expenses of the Association in fulfilling its sole program service mission, which are reported on Form 990, Part IX, Columns A and B.

Program 2

Revenue: $1,119,105

Program Service Revenue reported on Form 990, Part VIII, comprise of Premiums collected from Hawaii policy owners of impaired or insolvent insurance companies to satisfy their respective policies...

Program Service Revenue reported on Form 990, Part VIII, comprise of Premiums collected from Hawaii policy owners of impaired or insolvent insurance companies to satisfy their respective policies obligations in order to recognize future policy benefits amounting to $311,014. Additionally, Early Access Distributions represent pro rata receipts from insolvent insurers per court order or the National Organization of Life and Health Insurance Guaranty Associations ("NOLHGA") amounting to $808,091.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $1,119,105

Investment Income $1,149,034

Other Revenue $0

TOTAL REVENUE $2,268,139

Expense Breakdown

Grants Paid $0

Salaries & Benefits $104,147

Fundraising Expenses $0

Program Expenses $810,339

Other Expenses $313,484

TOTAL EXPENSES $810,339

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,268,139	$934,166	+1.4%
Expenses	$810,339	$1,093,742	-0.3%
Net Income	$1,457,800	$-159,576	-10.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

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

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✗ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$95,800

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Margolee P Lee Chairperson	Pacific Guardian Life Ins.	10.00	Officer Director	$0	$0	$0
Wayne Tanaka Vice Chairperson	Massachusetts Mutual Life	3.00	Officer Director	$0	$0	$0
Joy Higa Treasurer	UnitedHealthCare Ins. Co.	3.00	Officer Director	$0	$0	$0
Rosa Iturbides Secretary	Equitable	3.00	Officer Director	$0	$0	$0
Mary Barney Director	Genworth Life & Annuity In	3.00	Director	$0	$0	$0
Sayaka Ogura Glaser Director	New York Life Ins. Co.	3.00	Director	$0	$0	$0
Megan Claypool Director	Athene Annuity & Life Co.	3.00	Director	$0	$0	$0
Germaine Marks Director	Prudential Ins. Co. of Ame	3.00	Director	$0	$0	$0
Umberto Speranza Director	UNUM Life Insurance Company of America	3.00	Director	$0	$0	$0
Peter Inoue	Executive Director	40.00	Officer	$95,800	$0	$95,800

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$2,268,139	$810,339	$34,634,473	$1,457,800
2022	$934,166	$1,093,742	$33,176,673	$-159,576
2021	$21,104,675	$1,270,784	$33,336,249	$19,833,891
2020	$630,110	$1,787,742	$13,502,358	$-1,157,632
2019	$516,079	$1,213,158	$14,659,990	$-697,079

HAWAII LIFE AND DISABILITY INSURANCE GUARANTY ASSOCIATION