Overview
What is Virginia Property Insurance Assn?
The Virginia Property Insurance Association (VPIA) is a Glen Allen, Virginia-based nonprofit organization founded in 1968 by the Virginia State Corporation Commission. Its primary mission is to manage the equitable distribution and placement of basic property insurance in accordance with the urban property protection and reinsurance act. VPIA operates as an intermediary, issuing policies on behalf of its member insurance companies that share the risk proportionally. The association handles the collection of premiums, payment of commissions, and management of losses, loss adjustment expenses, and general administrative costs. Assessments are made on participating companies to cover necessary funds. VPIA is responsible for this program, employing a team of 15 individuals.
Official website here: www.vpia.com
Is Virginia Property Insurance Assn legitimate?
Virginia Property Insurance Assn is a legitimate nonprofit organization registered as a 501(c)(6) entity. Virginia Property Insurance Assn submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $819,929
For more financial information, click here
Official website here: www.vpia.com
What is the mission statement of Virginia Property Insurance Assn?
The Virginia Property Insurance Association (VPIA) was founded by the Virginia State Corporation Commission to manage a program ensuring the fair allocation and placement of fundamental property insurance, adhering to the urban property protection and reinsurance act of 1968. Effective since July 26, 1968, as the Virginia Insurance Placement Facility and later reorganized as VPIA on October 1, 1973, the organization issues policies on behalf of its member companies, sharing the risk proportionally. Responsible for handling premium collections, commission payments, and managing losses, loss adjustment expenses, and administrative costs, VPIA also imposes assessments on participating companies to procure necessary funds.
Official website here: www.vpia.com
Who is the CEO of Virginia Property Insurance Assn?
Susan Tinsley is the General Manager And Secretary of Virginia Property Insurance Assn.
Official website here: www.vpia.com
What is the revenue of Virginia Property Insurance Assn?
Virginia Property Insurance Assn's revenue in 2022 was $14,542,015.
Official website here: www.vpia.com
Who are the executives of Virginia Property Insurance Assn and what are their salaries?
The average compensation at Virginia Property Insurance Assn during 2022 was $54,662. There are 15 employees at Virginia Property Insurance Assn.
Here are 23 key members and their salaries:
- Compensation: $198,264
- Related: $0
- Other: $0
- Compensation: $135,509
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.vpia.com
Where can I find the form 990 for Virginia Property Insurance Assn?
Virginia Property Insurance Assn's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.vpia.com
Learn more at the official website: www.vpia.com
Mission Statement of Virginia Property Insurance Assn
The Virginia Property Insurance Association (VPIA) is a vital organization with a mission to administer a program of equitable distribution and placement of basic property insurance in accordance with the urban property protection and reinsurance act of 1968. This program came into effect on July 26, 1968, initially known as the Virginia Insurance Placement Facility, and was later reorganized as VPIA on October 1, 1973.
Capitalizing on the collective strength of its member insurance companies, VPIA issues policies on their behalf, with each company assuming the underlying risk on a pro-rata basis. The Association plays a crucial role in managing the entire insurance process, from the collection of premiums and payment of commissions to handling losses, loss adjustment expenses, and general administrative costs. Whenever additional funds are required, assessments are made on participating companies to ensure the program's sustainability. By pooling resources and expertise, VPIA successfully facilitates the equitable distribution and placement of basic property insurance.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
The Virginia Property Insurance Association (VPIA) plays a crucial role in facilitating access to basic property insurance for residents and businesses in Virginia. Established under the purview of the Virginia State Corporation Commission in accordance with the Urban Property Protection and Reinsurance Act of 1968, VPIA addresses the challenges of insurance placement for properties that may be deemed high-risk by conventional carriers.
By administering a program that ensures the equitable distribution and placement of property insurance, VPIA enables policyholders to obtain necessary coverage, thus fostering a more stable insurance market in the state. It operates by issuing policies on behalf of its member companies, which collectively share the risk in a pro-rata manner. This model not only provides financial security to members but also ensures that policyholders can gain access to the insurance products needed for their properties.
VPIA’s responsibilities extend to the collection of premiums and the payment of losses, commissions, and administrative expenses. By assessing participating companies for funding as needed, the organization helps to maintain an operational balance and responsiveness to market dynamics. In doing so, VPIA enhances the resilience of Virginia's property insurance landscape, which is vital for community stability and economic growth. Overall, VPIA's impact is significant in promoting equitable access to property insurance, thus safeguarding individuals and businesses across the Commonwealth.
This information is meant to be a general summary of Virginia Property Insurance Assn. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $53,667
- Program Service Revenue: $14,488,348
- Gross Receipts: $14,542,015
Assets and Liabilities:
- Total Assets: $26,208,829
- Total Liabilities: $13,368,258
- Net Assets: $12,840,571
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NET PREMIUMS EARNED
Revenue
$14,488,348
Organization Details
Founding Year
1968
Phone
(804) 591-3700Principal Officer
Susan Tinsley
Main Address
301 CONCOURSE BLVD SUITE 190, GLEN ALLEN, VA, 23059
Website
www.vpia.comNTEE Category
Code: Y20 - Mutual benefit
If you are a representative of Virginia Property Insurance Assn and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.