Black Insurance Industry Collective Inc

“The american institute for chartered property casualty underwriters ("the institutes") and the black insurance industry collective ("biic") entered into an affiliation agreement and a shared resources agreement ("sra") effective january 26, 2022. The institutes provides management and administrative services to the biic in accordance with written bylaws, operating guidelines and procedures, budget, and provides certain services as prescribed by the sra.”

“Black insurance industry collective, inc. Has three classes of memberships, principal members, institutional members, and associate members, only the institutional member has voting rights.”

“The biic's institutional member, the institutes, appoints the directors of the biic and approves any extraordinary activities (mergers, dissolutions, etc.).”

“The form 990 is prepared by an independent accounting firm and reviewed by the board of directors for approval before filing.”

“The conflict of interest policy is distributed to all officers, directors, and key employees ("covered officials) on an annual basis. Each covered official must complete an annual conflict of interest statement of disclosure. If a conflict is identified, it is evaluated and may be approved if it is determined to be just, fair, and reasonable to the organization. If it is determined that the conflict is not just, fair, and reasonable to the organization, appropriate action is taken to eliminate the conflict, which can include asking the individual to end a conflicting business arrangement, return remuneration to the organization, or otherwise discontinue the arrangement causing the conflict.”

“This organization is an affiliate of the american institute for chartered property casualty underwriters ("the institutes"). Compensation arrangements involving any of the organization's officers and/or key employees are established by the institutes pursuant to a process that satisfies the rebuttable presumption procedure available for the irc section 4958 excess benefit transaction tax purposes, which requires a review of compensation determinations by disinterested persons, use of appropriate comparability data, and contemporaneous documentation of the process.”

“The organization's governing documents, conflict of interest policy, and financial statements are available upon written request.”