West Virginia Insurance Guaranty Association

Nonprofit profile at a glance

EIN
510138344
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Dublin, OH, USA
Phone
6144426601
Rating confidence
Limited

Reported finances

Revenue
$879,325
Expenses
$607,953
Assets
$18,974,986
Liabilities
$51,046

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • SONNI PETERSON (PRESIDENT)

Highest reported compensation

  • SONNI PETERSON (PRESIDENT): $331,514 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the West Virginia insurance guaranty association is to provide some level of protection for certain policy holders and claimants against the insolvency of the insurance company licensed to sell those types of policies in West Virginia when the company is placed into liquidation.

What it reported doing in 2024

West Virginia insurance guaranty association (wviga) is a not-for-profit, unincorporated legal entity. It provides a mechanism for the payment of covered claims, including refunds of unearned premiums, to avoid financial loss to West Virginia claimants or policyholders because of the insolvency of direct insurers(excluding life, title surety, disability, credit, mortgage guaranty and ocean marine). Insurance companies are members of the association if they write insurance covered by the association and if they are licensed to write insurance in West Virginia. When an insurance company becomes insolvent, the association estimates the amount of covered claims of West Virginia claimants and policyholders, and based on certain prescribed procedures, assesses the member insurance companies for their portion of such covered losses. A separate fund is maintained for each insolvency and receipts and disbursements allocable to a specific insolvency are accounted for in that fund.

Operating model

Revenue model
Investment-supported. 96% of the money available for current operations came from recurring investment income.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 60
  • Accountability: 100
  • Sustainability: 81
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 30.9%; rating input score 85; 85th percentile among comparable filings
  • Total-asset coverage ratio: 31.21; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 76; 76th percentile among comparable filings
  • Officer compensation ratio: 13.3%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 3.9% per year; rating input score 100; 36th percentile among comparable filings
  • Revenue growth: 4.8% per year; rating input score 100; 42nd percentile among comparable filings
  • Asset growth: 7.4% per year; rating input score 100; 49th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 6 of 6 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $332K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.