2024-10-24T09:37:52-05:00 2023-12-31 630590670 KASSOUF & CO INC 2101 HIGHLAND AVE S SUITE 300 BIRMINGHAM AL 352054009 990 2023-01-01 630960930 ALABAMA LIFE & DISABILITY INSURANCE GUARANTY ASSOCIATION ALAB 2058792202 2009 EAGLE RIDGE DR BIRMINGHAM AL 35242 LIFE INS CO OF AL CLARENCE DAUGETTE TREASURER 2058792202 2024-10-15 1 0 MICHAEL KASSOUF P01328519 2054432500 2024-10-06 2023 2024-10-15 13:58:12Z LIFE INS CO OF AL CLARENC 2009 EAGLE RIDGE DR BIRMINGHAM AL 35242 6101619 0 X WWW.ALLIFEGA.ORG X 1982 AL PROVIDING PAYMENTS TO OR ON BEHALF OF POLICYHOLDERS OF INSOLVENT INSURANCE COMPANIES & PROVIDING CONTINUED COVERAGE FOR POLICYHOLDERS BY NEGOTIATING REINSURANCE AGREEMENTS OR PROVIDING ADMINISTRATIVE SERVICES. 7 7 2 0 0 0 0 0 50457 5176448 316180 277671 -1546 647500 365091 6101619 0 0 0 0 254279 277320 0 0 0 1729187 5528642 1983466 5805962 -1618375 295657 20564479 20082683 92827103 108599150 -72262624 -88516467 PROVIDING PAYMENTS TO OR ON BEHALF OF POLICYHOLDERS OF INSOLVENT INSURANCE COMPANIES & PROVIDING CONTINUED COVERAGE FOR POLICYHOLDERS BY NEGOTIATING REINSURANCE AGREEMENTS OR PROVIDING ADMINISTRATIVE SERVICES. 0 0 THE ALABAMA INSURANCY GUARANTY ACT MANDATED THE CREATION OF THE ALABAMA LIFE AND DISABILITY INSURANCE GUARANTY ASSOCIATION TO SERVE AS AN AGENT OF THE STATE OF ALABAMA.THE PURPOSE OF THE 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 COST OF SUCH PROTECTION AMONG INSURERS. THE ASSOCIATION HAS ACTED IN THIS CAPACITY SINCE ITS INCEPTION. 0 0 0 1 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2 0 1 2 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X TOMMIE G CUMMINGS CPA 2054432500 2101 HIGHLAND AVE S STE 300 BIRMINGHAM AL 35205 PROTECTIVE LIFE MARY PAT LAWRENCE CHAIR (9 MO)/ VICE CHAIR (3 MO) 2.00 X X 0 0 0 ALFA LIFE INS SID BELCHER VICE CHAIR (9 MO)/ CHAIR (3 MO) 2.00 X X 0 0 0 LIFE INS CO OF AL CLARENCE DAUGETTE SECRETARY/TREASURER 1.00 X X 0 0 0 LIBERTY NATL LIFE JENNIFER WATKINS DIRECTOR 1.00 X 0 0 0 AMERICAN GEN LIFE INS TOM GLASSON DIRECTOR 1.00 X 0 0 0 UNTD HLTH CARE LIFE SHERRY GILLESPI DIRECTOR 1.00 X 0 0 0 METROPOLITAN LIFE BERNADETTE FLYNN DIRECTOR 1.00 X 0 0 0 DOTTY STILL EXECUTIVE DIRECTOR 40.00 X 165250 0 18582 165250 0 18582 1 0 1 0 NORTH CAROLINA MUTUAL INS CO 411 W CHAPEL HILL ST 3RD FLOOR DURHAM NC 27701 CLAIMS PAID 1887606 NOLHGA 13873 PARK CENTER ROAD STE 329 HERNDON VA 20171 TPA CLAIMS PAID & DATA SURVEY 1484347 ACTUARIAL MANAGEMENT RESOURCES INC 4964 UNIVERSITY PKWY STE 203 WINSTONSALEM NC 27106 TPA CLAIMS PAID 310328 BALCH & BINGHAM 1901 6TH AVE N 1500 BIRMINGHAM AL 35203 LEGAL SERVICES 123330 4 EARLY ACCESS DISTRIBUT 524298 2995633 2995633 PREMIUM INCOME 524298 1663854 1663854 FINAL ASSET DISTRIBUTI 524298 516961 516961 5176448 277671 277671 ADMINISTRATIVE ASSESSM 524298 677100 677100 ASSESSMENT ALLOWANCE 524298 -29600 -29600 647500 6101619 6101619 0 0 183832 55705 6554 14523 16706 32208 33625 1577 11646 52381 1258 3214 CLAIMS SERVICING EXPENS 2713619 POLICYHOLDER BENEFIT CL 2444173 REINSURANCE AND PREMIUM 93292 NOLHGA DUES & ASSESSMEN 79592 62057 5805962 87829 1723772 4288163 5480410 75800 726636 123649 205750 28045 26162 3141 1883 15942177 11891597 43720 52635 20564479 20082683 133537 349650 993566 0 91700000 108249500 92827103 108599150 X 0 0 0 0 -72262624 -88516467 -72262624 -88516467 20564479 20082683 X 295657 -16549500 X X 0 1 X 1 0 0 0 0 647500 28045 26162 1883 1883 ESTIMATED CLAIM LIABILITIES 108249500 108249500 5441869 -659750 -659750 6101619 0 6101619 5589850 458 458 5589392 216570 216570 5805962 PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT INCOME -8,914. ASSESSMENT REVENUE - NET -646,700. PREMIUM INCOME -4,136. PART XII, LINE 2D - OTHER ADJUSTMENTS: ADMINISTRATIVE EXPENSES 458. PART XII, LINE 4B - OTHER ADJUSTMENTS: CLAIMS SERVICING EXPENSES 1,375,625. POLICYHOLDER BENEFIT CLAIMS -1,159,055. X X X X 0 0 0 DOTTY STILL EXECUTIVE DIRECTOR 165250 0 0 0 0 0 18582 0 0 0 183832 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE ASSOCIATION'S MEMBERSHIP IS COMPRISED OF ALL INSURANCE COMPANIES THAT ARE LICENSED TO WRITE HEALTH AND ACCIDENT INSURANCE, LIFE INSURANCE AND ANNUITY CONTRACTS WITHIN THE STATE OF ALABAMA. FORM 990, PART VI, SECTION A, LINE 7A THE ASSOCIATION'S MEMBER COMPANIES ELECT THE MEMBERS OF THE BOARD OF DIRECTORS SUBJECT TO APPROVAL OF THE ALABAMA COMMISSIONER OF INSURANCE. FORM 990, PART VI, SECTION B, LINE 11B THE GOVERNING BODY IS PROVIDED A DRAFT OF THE FORM 990 FOR REVIEW AND APPROVAL PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY SIGNS THE CONFLICT OF INTEREST STATEMENT FOLLOWING DISCUSSION WITH THE EXECUTIVE COMMITTEE TO IDENTIFY ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE MEETS PRIOR TO THE ANNUAL BOARD MEETING TO REVIEW THE COMPENSATION OF THE EXECUTIVE DIRECTOR AND THE ADMINISTRATIVE PERSONNEL. INFORMATION FROM THE OTHER GUARANTY ASSOCIATIONS OBTAINED FROM BOARD MEMBERS AND PUBLIC INFORMATION IS USED TO EVALUATE THE SALARY RANGES. THE COMMITTEE THEN DISCUSSES THE EMPLOYEE PERFORMANCE FOR THE YEAR AND DETERMINES THE SALARY ADJUSTMENTS WHICH ARE THEN DOCUMENTED AND SIGNED OFF/APPROVED ON THE SALARY REVIEW SCHEDULES. FORM 990, PART VI, SECTION C, LINE 19 THE ASSOCIATION WILL: (1) MAKE ITS APPLICATION FOR THE RECOGNITION OF EXEMPTION AND ITS ANNUAL INFORMATION RETURNS AVAILABLE FOR PUBLIC INSPECTION WITHOUT CHARGE AT ITS PRINCIPAL OFFICES DURING REGULAR BUSINESS HOURS, (2) MAKE EACH ANNUAL INFORMATION RETURN AVAILABLE FOR A PERIOD OF 3 YEARS BEGINNING ON THE DATE THE RETURN IS REQUIRED TO BE FILED (DETERMINED WITH REGARD TO ANY EXTENSION OF TIME FOR FILING) OR IS ACTUALLY FILED, WHICHEVER IS LATER, (3) PROVIDE A COPY WITHOUT CHARGE, OTHER THAN A REASONABLE FEE FOR REPRODUCTION AND ACTUAL POSTAGE COSTS, OF ALL OR ANY PART OF ANY APPLICATION OR RETURN REQUIRED TO BE MADE AVAILABLE FOR PUBLIC INSPECTION TO ANY INDIVIDUAL WHO MAKES A REQUEST FOR SUCH COPY IN PERSON OR IN WRITING (EXCEPT AS PROVIDED IN REGULATIONS SECTIONS 301.6104(D)-2 AND -3), OR (4) MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS PUBLIC DURING THE YEAR UPON REQUEST AS INDICATED ABOVE. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC PROTECTIVE LIFE , MARY PAT LAWRENCE - 2801 HWY 280 SOUTH, BIRMINGHAM, AL 35223. ALFA LIFE INS, SID BELCHER - 2108 E SOUTH BLVD, MONTGOMERY, AL 36116. LIFE INS CO OF AL, CLARENCE DAUGETTE - 302 BROAD STREET, GADSDEN, AL 35901. LIBERTY NATL LIFE, JENNIFER WATKINS - 3700 S STONEBRIDGE DRIVE, MCKINNEY, TX 75070. AMERICAN GEN LIFE INS, TOM GLASSON - 10462 LANSHIRE DRIVE, DALLAS, TX 75234. UNTD HLTH CARE LIFE, SHERRY GILLESPIE - 4560 GROVE PARK DRIVE, TALLAHASSEE, FL 32311. METROPOLITAN LIFE, BERNADETTE FLYNN - 200 PARK AVE, NEW YORK, NY 10166. FORM 990, PART XI, LINE 9: CHANGE IN ESTIMATED CLAIMS LIABILITIES - NET -16,549,500. PART XII, LINE 2C EXPLANATION THE FINANCIAL STATEMENTS ARE REVIEWED BY THE EXECUTIVE COMMITTEE AND PRESENTED TO THE BOARD FOR RATIFICATION AND THE INDEPENDENT ACCOUNTANTS ARE SELECTED BY THE BOARD.