FORM 990, PART I, LINE 1 |
PROVIDE PROTECTION TO CT RESIDENTS, AND TO NON-RESIDENTS IN LIMITED CIRCUMSTANCES, WHO ARE HOLDERS OF LIFE AND HEALTH INSURANCE POLICIES, ANNUITIES, AND HMO CONTRACTS WITH INSOLVENT INSURERS. |
FORM 990, PART III, LINE 1 |
CONNECTICUT LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION (CLHIGA) IS A STATUTORY ENTITY CREATED IN 1972 BY THE CONNECTICUT LEGISLATURE'S ENACTMENT OF THE CONNECTICUT LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION ACT (P.A. 280) (THE "ACT"). CLHIGA IS COMPOSED OF ALL INSURERS LICENSED TO SELL LIFE INSURANCE, ACCIDENT AND HEALTH INSURANCE, AND ANNUITIES IN THE STATE OF CONNECTICUT. IN THE EVENT THAT A MEMBER INSURER IS FOUND TO BE INSOLVENT AND IS ORDERED TO BE LIQUIDATED BY A COURT, THE ACT ENABLES CLHIGA TO PROVIDE PROTECTION (UP TO THE LIMITS SPELLED OUT IN THE ACT) TO CONNECTICUT RESIDENTS, AND TO NON-RESIDENTS IN LIMITED CIRCUMSTANCES, WHO ARE HOLDERS OF LIFE AND HEALTH INSURANCE POLICIES AND ANNUITIES WITH THE INSOLVENT INSURER. UNDER THE ACT, AS AMENDED EFFECTIVE JULY 1, 2018, HEALTH CARE CENTERS BECAME CLHIGA MEMBERS AND BENEFITS PROVIDED BY HEALTH CARE CENTERS TO THEIR SUBSCRIBERS BECAME COVERED BENEFITS. |
FORM 990, PART VI, SECTION A, LINE 3 |
THE ORGANIZATION CONTRACTED WITH 444 STRATEGIES, LLC FOR THE SERVICVES OF ITS EXECUTIVE DIRECTOR, JESSICA WALKER, BEGINNING JULY 1, 2022. THE AMOUNT PAID IN 2022 WAS $87,000. |
FORM 990, PART VI, SECTION A, LINE 6 |
PER STATE STATUTE, THE ORGANIZATION'S BOARD OF DIRECTORS IS COMPRISED OF REPRESENTATIVES FROM INSURANCE CARRIERS THAT PROVIDE INSURANCE TO RESIDENTS IN THE STATE OF CONNECTICUT. EACH CARRIER SELECTS AN INDIVIDUAL TO REPRESENT THE CARRIER AT THE BOARD OF DIRECTOR MEETINGS. |
FORM 990, PART VI, SECTION A, LINE 7A |
EACH INSURANCE CARRIER THAT IS ELECTED TO THE BOARD HAS THE RIGHT TO APPOINT ITS REPRESENTATIVE TO THE BOARD OF DIRECTORS. INSURANCE CARRIERS MEMBERSHIP TO THE BOARD IS SUBJECT TO FINAL APPROVAL BY THE CONNECTICUT INSURANCE COMMISSIONER. |
FORM 990, PART VI, SECTION B, LINE 11B |
THE FORM 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR AND TAX ADVISORS FROM A NATIONAL ACCOUNTING FIRM. IT IS THEN DISTRIBUTED TO THE BOARD OF DIRECTORS BEFORE IT IS FILED. |
FORM 990, PART VI, SECTION B, LINE 12C |
THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY. ON AN ANNUAL BASIS, EACH BOARD MEMBER AND OFFICER COMPLETE A CONFLICT OF INTEREST REPORT TO DOCUMENT THAT ALL BOARD MEMBERS AND OFFICERS HAVE CONSIDERED THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND ARE FREE OF ANY CONFLICTS OF INTEREST. THIS POLICY IS REGULARLY AND CONSISTENTLY MONITORED. IF ANY CONFLICT WERE TO ARISE, THE PERSONS TO WHOM SUCH CONFLICT RELATES WOULD BE PROHIBITED FROM PARTICIPATING IN THE BOARD OF DIRECTOR'S DELIBERATIONS, DECISIONS AND TRANSACTIONS WITH THE CONFLICTED PARTY(IES). |
FORM 990, PART VI, SECTION C, LINE 19 |
ANY INQUIRIES REGARDING GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE REFERRED TO THE ADMINISTRATOR. THESE DOCUMENTS ARE MADE AVAILABLE UPON REQUEST AND AT MANAGEMENT'S DISCRETION. FORM 990, PART VII: THE BOARD OF DIRECTORS IS COMPRISED OF NINE MEMBER COMPANIES, WHICH ARE ELECTED TO SERVE THREE YEAR TERMS AS DIRECTORS, ON A REVOLVING BASIS. THREE DIRECTORS ARE ELECTED ANNUALLY. EACH MEMBER COMPANY SERVING AS A DIRECTOR APPOINTS AN INDIVIDUAL TO "REPRESENT" IT AT ALL OF THE ORGANIZATION'S BOARD OF DIRECTORS' MEETINGS THROUGHOUT THE YEAR. IN ADDITION, THE COMMISSIONER OF INSURANCE FOR THE STATE OF CONNECTICUT IS A NON-VOTING EX-OFFICIO MEMBER OF THE BOARD. |
FORM 990, PART XII, LINE 1: |
THE FINANCIAL STATEMENTS AND ACCOMPANYING SUPPLEMENTAL EXHIBITS HAVE BEEN PREPARED ON THE MODIFIED CASH BASIS OF ACCOUNTING AND REFLECT TRANSACTIONS RECORDED ON THAT BASIS. THE MODIFIED CASH BASIS OF ACCOUNTING, A MIXTURE OF CASH BASIS AND ACCRUAL BASIS, IS ONE OF THE METHODS SET FORTH IN THE NATIONAL ORGANIZATION OF LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS' (NOLHIGA) "ACCOUNTING GUIDELINES MANUAL," WHICH IS A COMPREHENSIVE BASIS OF ACCOUNTING OTHER THAN ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. UNDER THAT BASIS, CERTAIN REVENUES AND THE RELATED ASSETS ARE RECOGNIZED WHEN RECEIVED RATHER THAN WHEN EARNED, AND CERTAIN EXPENSES ARE RECOGNIZED WHEN PAID RATHER THAN WHEN THE OBLIGATION IS INCURRED. |
FORM 990, PART XII, LINE 2C: |
THE ORGANIZATION'S BOARD OF DIRECTORS ASSUMES THE RESPONSIBILITY FOR THE OVERSIGHT OF THE ANNUAL AUDIT ALONG WITH SELECTING THE INDEPENDENT ACCOUNTANT. |