EIN 56-1566179

North Carolina Self Insurance Security Association

IRS 501(c) type
501(c)(6)
Num. employees
0
Year formed
1986
Most recent tax filings
2020-12
Description
The Security Association was established in 1986 by the North Carolina general assembly pursuant to article 4, chapter 97 of the North Carolina general statutes as a tax exempt unincorporated legal entity that provides the mechanism for the payment of...
Also known as...
NC Self Insurance Security Association

Program areas at North Carolina Self Insurance Security Association

Pursuant to the 2006 and 2011 statutory amendments, the Association expanded its program services to include the purchase of financial guarantees, reinsurance or other instruments to collectively secure all outstanding individual member self-insurer workers' compensation liabilities according to actuarial reports provided by each member self-insurer. The Association, through its statutory mandate, may implement the Association aggregate Security system (aass) on an annual basis. The aass provides for a portfolio based Security system which replaced individual statutory deposits covering member self-insurer workers' compensation liabilities, required as a condition of being a licensed self-insurer. The aass may use a combination of the Security fund, financial guarantees, Insurance policies or other instruments which are purchased by the Association. As of december 31, 2020, the Association had coverage through a three-year Insurance policy which covered all participating member self-insurers in the aass as of december 1, 2019. The annual costs of the aass include the Insurance policy as well as design and implementation which are paid from the aass assessments of participating self-insurers as determined by the Association board of directors. Aass assessments are based on the credit worthiness of participating self-insurers and their pro-rata share of the aggregate outstanding workers' compensation claims liabilities. The Association is authorized to monitor and assess the financial condition of all participating self-insurers. Individual member self-insurers reported outstanding liabilities of approx. $309,219,000 for purposes of the 2020-2021 aass. Although group self-insurers do not participate in the aass, the Association is required to pay covered claims against insolvent group self-insurers in accordance with its statutory mandate. Accordingly, the Association has discretion to conduct separate assessment of group self-insurers.
Upon the insolvency of a member self-insurer, the Association works in concert with the North Carolina department of Insurance, investigates and participates in bankruptcy proceedings, and works with corporate representatives from the insolvent self-insurer to determine the action plan for the payment of oustanding workers' compensation claims. The Association investigates all relevant Insurance carriers to determine what if any recoveries may be available for the payment of workers' compensation claims. In accordance with its statutory mandate, upon default, the Association pursues recoveries in the bankruptcy court and recoveries from all relevant Insurance carriers or financial institutions.

Form 990s for North Carolina Self Insurance Security Association

Fiscal year endingDate received by IRSFormPDF link
2019-122020-11-03990View PDF
2018-122019-12-09990View PDF
2017-122018-09-12990View PDF
2016-122017-09-22990OView PDF
2015-122016-10-05990OView PDF
...and 5 more Form 990s

Financials for North Carolina Self Insurance Security Association

RevenuesFYE 12/2020
Total grants, contributions, etc.$0
Program services$1,590,581
Investment income and dividends$870,512
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$905,544
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$3,366,637

Personnel at North Carolina Self Insurance Security Association

NameTitleCompensation
Thomas R YarboroChairman$0
Kevin F WalshVice Chairman$0
Alice WestSecretary - Treasurer$0
 Subscribe to viewChairman$0
 Subscribe to viewSecretary - Treasurer$0

Organizations like North Carolina Self Insurance Security Association

OrganizationLocationRevenue
Guaranty Fund Management Services (GFMS)Boston, MA$9,871,084
Virginia Life Accident & Sickness Insurance Guaranty AssociationHenrico, VA$1,352,194
Washington Life and Disability Insurance Guaranty AssociationShelton, WA$10,550,527
Nebraska Property & Liability Ins Guaranty AssnDenver, CO$5,251,585
Washington Insurance Guaranty Association (WAGA)Denver, CO$3,939,128
Delaware Insurance Guaranty AssociationNewark, DE$2,299,091
Professional Insurance Agents of GeorgiaDuluth, GA$1,430,305
Virginia Property and Casualty Insurance Guaranty AssociationBoston, MA$15,166,647
Compensation Advisory Organization of MichiganLivonia, MI$3,324,678
Kentucky Assigned Claims PlanLouisville, KY$5,241,925
Connecticut Insurance Guaranty Association (CIGA)Boston, MA$15,559,130
Trusted Choice (TC)Alexandria, VA$4,886,423
South Dakota Property and Casualty Insurance Guaranty Association (SDIGA)Sioux Falls, SD$1,299,530
Alaska Insurance Guaranty AssociationAnchorage, AK$7,660,881
Indiana Insurance Guaranty Association (IIGA)Indianapolis, IN$1,131,514
Hawaii Insurance Bureau (HIB)Honolulu, HI$3,561,638
Rhode Island Automobile Insurance PlanJohnston, RI$13,584,242
New Jersey Surplus Lines Insurance Guaranty Fund (NJSLIGF)Basking Ridge, NJ$1,116,575
Iowa Insurance Guaranty AssociationDes Moines, IA$1,857,256
New Mexico Property & Casualty Insurance Guaranty AssociationAlbuquerque, NM$1,957,548
Kansas Health Care Provider Insurance Availability PlanTopeka, KS$1,673,704
Colorado Insurance Guaranty Association (CIGA)Denver, CO$12,967,233
North Dakota Life and Health InsuranceFargo, ND$849,719
Florida Automobile Joint Underwriting AssociationJohnston, RI$4,308,851
Western Guaranty Fund Services (WGFS)Denver, CO$1,836,098
Nonprofit Types
Issues
No issues found
Characteristics
Key performance indicators
Total revenues
$3,366,637
2020
Yearly growth
-4.7%
% of revenues
n/a
Total expenses
$2,102,480
2020
Yearly growth
-3%
% of expenses
n/a
Total assets
$46,345,350
2020
Yearly growth
11.8%
% of assets
n/a
Num. employees
0
2020
General information
Address
Post Office Box 12442
Raleigh, NC 27605
Metro area
Raleigh-Cary, NC
Website URL
ncsisa.org/site/ 
Phone
(704) 636-8933
IRS details
EIN
56-1566179
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1986
Eligible to receive tax-deductible contributions (Pub 78)
No
Categorization
NTEE code, primary
Y20: Insurance Providers, Services
NAICS code, primary
524126: Direct Property and Casualty Insurance Carriers
Parent/child status
Independent