National Conference of Insurance Guaranty Funds Inc

“Ncigf is a membership association of post-assessment and pre-assessment property and casualty insurance guaranty funds which are funds established by the laws of the various states and the district of columbia. The term "guaranty funds" includes "guaranty associations", "insolvency funds", "security funds", or any other legislatively mandated mechanism created to provide protection against the insolvency of licensed property and casualty insurers.”

“The nominating committee nominates individuals for positions on the board of directors that become vacant prior to the annual meeting. Individuals may also be nominated by one member and seconded by two other members or nominated from the floor by a 2/3 vote at the annual meeting of members. The members elect nominees to the board of directors at the annual meeting of members.”

“Any change to the corporate bylaws requires approval of a majority of ncigf member guaranty funds.”

“The process for review the form 990 includes a review by the treasurer and the audit committee prior to filing with the irs. A copy is available for all voting board members upon request.”

“The written conflict of interest policy is regularly and consistently monitored and compliance enforced by the president and ceo. The scope of the conflict of interest policy includes officers, directors, trustees, and employees. Annaully, each individual is required to fill out and submit a conflict of interest form. The president and ceo will determine if there is a conflict of interest and the board will review any conflict for a final resolution. Board members with potential or actual conflicts of interest are to refrain from participating in any deliberation or decisions on such transactions which is noted in the minutes of the meeting.”

“The process for determining compensation for the chief executive and other officers includes a review and approval by the independent executive committee members of the board of directors; comparable data from an independent and external human resource consultant is conducted and reviewed by the executive committee annually; and documentation on the deliberation and decision of the compensation arrangements are recorded in the minutes of the organization. Ncigf does not have any employees that meet the form 990 key employee definition, but a similar process is conducted for top management positions of the organization.”

“Ncigf governing documents, conflicts of interest policy and financial statements would be available to the public upon request.”

“National conference of insurance guaranty funds, inc. (ncigf) has restated its 2012 financial statements during the current year to include the pension liability and net periodic pension costs of its multiple-employer pension plan and correction of certain errors that resulted in the overstatement of amounts in previously reported accounts receivable and deferred revenue. The restatements were soley made to the audited financial statements and the changes are reflected on form 990, part xi, line 8, prior period adjustments.”

“Changes to defined benefit pension plan 401,699.”

“The audit committee assumes responsibility for oversight of the audit and selection of an independent accountant; and, no processes have changed from prior year.”