November of 2019 marked 30 years of NCIGF assisting its member state guaranty funds to ensure the promise to insurance customers is kept. Looking back over this active year it is clear that the state-based insurance guaranty fund system is regarded throughout the world as the cornerstone for policyholder protection. As we look ahead to 2020 and face new challenges, it is with the assurance that our system is strong.
Tabs show Financial Position, Statements of Activities and Statements of Cash Flows for the years ended December 31, 2019 and 2018 have been prepared on an accrual and consolidated basis.
- Cash and Cash Equivalents and Investments as of December 31, 2019 were $3,458,313 an increase of $487,810 from December 31, 2018.
- The Contingency Fund balance as of December 31, 2019 was $2,604,203, an increase of $149,573 from the prior year. The Contingency Fund balance as of December 31, 2019 and 2018 was 63% and 60%, respectively, of the 3-year average annual operating budget. The Contingency Fund is a board designated unrestricted fund accessible with board approval. The Contingency Fund, which is held in a separate account from the operating funds, is invested in CDs with staggered maturities of no greater than two years.
- Net Assets as of December 31, 2019 were $2,351,050, an increase of $290,751 from prior year.
- Results (Excess Operating Income over Expenses) for the year ending December 31, 2019 were under budget by $114,494 (2.7%).
- In 2019, Guaranty Support Inc. (“GSI”), a wholly-owned subsidiary of NCIGF, completed its fourth full year of operation. GSI provides core data management and support services for members and receivers to support their claims handling functions. GSI also provides services that are determined to be beyond the core services it provides to members, receivers and other entities, to the extent that their activity is consistent with GSI’s board-approved mission. GSI had net income for the year ending December 31, 2019 and 2018 of $12,057 and 7,613, respectively.
Consolidated Statements of Financial Position December 31, 2019 and 2018
Consolidated Statements of Activities For the Years Ended December 31, 2019 and 2018
Consolidated Statements of Cash Flows For the Years Ended December 31, 2019 and 2018