Overview
What is Virginia Life Accident And Sickness Insurance Guaranty Association?
Virginia Life Accident and Sickness Insurance Guaranty Association is a statutory association established in Virginia, with a primary purpose to support the payment of obligations of insolvent insurance companies under the supervision of the Virginia State Corporation Commission. The association, which is also known as CO APM Management Services, is a safety net for 22 life and/or health insurance companies that are either in rehabilitation or liquidation. The association falls under Chapter 17 of Title 38.2 of the Code of Virginia and only includes certain types of insurers or health maintenance organizations. Its mission is to protect policyholders and beneficiaries by ensuring their claims are paid when a member insurer becomes insolvent.
Official website here: www.valifega.org
Is Virginia Life Accident And Sickness Insurance Guaranty Association legitimate?
Virginia Life Accident And Sickness Insurance Guaranty Association is a legitimate nonprofit organization registered as a 501(c)(6) entity. Virginia Life Accident And Sickness Insurance Guaranty Association 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.
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For more financial information, click here
Official website here: www.valifega.org
What is the mission statement of Virginia Life Accident And Sickness Insurance Guaranty Association?
The Virginia Life Accident and Sickness Insurance Guaranty Association serves a primary exempt purpose, established under Chapter 17 of Title 38.2 of the Code of Virginia. Its mission is to step in and fulfill the obligations of insolvent insurance companies, operating under the supervision of the Virginia State Corporation Commission. This association primarily focuses on insurers and health maintenance organizations licensed to conduct various classes of insurance or health maintenance organization business within the commonwealth. The association does not include certain types of companies and plans, such as cooperative nonprofit life benefit companies and health services plans not subject to Chapter 17. In the event of an insurance company's insolvency, the Virginia Life Accident and Sickness Insurance Guaranty Association steps in to ensure policyholders' claims are paid.
Official website here: www.valifega.org
Who is the CEO of Virginia Life Accident And Sickness Insurance Guaranty Association?
Dennis S Herchel is the Chairman of Virginia Life Accident And Sickness Insurance Guaranty Association.
Official website here: www.valifega.org
What is the revenue of Virginia Life Accident And Sickness Insurance Guaranty Association?
Virginia Life Accident And Sickness Insurance Guaranty Association's revenue in 2022 was $1,548,889.
Official website here: www.valifega.org
Who are the executives of Virginia Life Accident And Sickness Insurance Guaranty Association and what are their salaries?
There 15 volunteers at Virginia Life Accident And Sickness Insurance Guaranty Association.
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Official website here: www.valifega.org
Where can I find the form 990 for Virginia Life Accident And Sickness Insurance Guaranty Association?
Virginia Life Accident And Sickness Insurance Guaranty Association's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.valifega.org
Learn more at the official website: www.valifega.org
Mission Statement of Virginia Life Accident And Sickness Insurance Guaranty Association
Virginia Life Accident and Sickness Insurance Guaranty Association is a statutory organization formed under Chapter 17 of Title 38.2 of the Code of Virginia. Its primary exempt purpose is to pay obligations of insolvent insurance companies under the supervision of the Virginia State Corporation Commission. This association primarily focuses on member insurers, which are insurers or health maintenance organizations licensed to transact in the Commonwealth any class of insurance or health maintenance organization business to which Chapter 17 applies. However, it excludes certain types of companies and plans as specified in the code. Furthermore, this chapter also applies to dental benefit contracts entered into with a dental plan organization. In essence, Virginia Life Accident and Sickness Insurance Guaranty Association serves as a safety net for policyholders in the event of an insurer's financial collapse, ensuring their coverage continues uninterrupted.
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Impact
October, 2024
The Virginia Life Accident and Sickness Insurance Guaranty Association plays a critical role in protecting consumers within the state by ensuring that obligations of insolvent insurance companies are met. Formed under Virginia law, the association steps in to provide financial support and stability when member insurers face insolvency, thereby safeguarding policyholders' rights and benefits.
By overseeing the payment of claims and obligations during such situations, the association helps maintain trust in the insurance system and supports the overall stability of the insurance market in Virginia. This protection extends to a range of insurance products, offering peace of mind for individuals and families who rely on these policies for their health and financial security.
Additionally, the association's activities contribute to a more resilient insurance landscape, reducing potential disruptions that could arise from failed companies. This, in turn, enhances consumer confidence and encourages responsible insurance practices. Thus, the Virginia Life Accident and Sickness Insurance Guaranty Association significantly impacts the community by promoting financial security and stability for its residents.
This information is meant to be a general summary of Virginia Life Accident And Sickness Insurance Guaranty Association. 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: $14,059
- Program Service Revenue: $1,534,830
- Gross Receipts: $1,548,889
Assets and Liabilities:
- Total Assets: $2,641,783
- Total Liabilities: $0
- Net Assets: $2,641,783
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBER ASSESSMENTS-B
Revenue
$1,250,619
STATUTORY DEPOSIT RECOVERIES
Revenue
$284,211
Organization Details
Founding Year
1976
Phone
(804) 282-2240Principal Officer
Dennis S Herchel
Main Address
1503 SANTA ROSA ROAD SUITE 101, HENRICO, VA, 23229
Website
www.valifega.orgNTEE Category
Code: S40 - Community improvement
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