2025-04-15T10:59:14-04:00 2024-12-31 208934673 CLARKSON DAVID CPA PC 11541 NUCKOLS RD STE A GLEN ALLEN VA 23059 990 2024-01-01 541642659 VIRGINIA LIFE ACCIDENT AND SICKNESS INSURANCE GUARANTY ASSOCIATION VIRG 5714389408 PO BOX 606 HAMPDEN MA 010369998 DENNIS S HERCHEL EXEC. DIRECTOR 5714389408 2025-04-15 true false STEVEN P WALLS CPA CFE P00609162 8042700784 2025-04-15 2024 2025-03-06 01:10:19Z CO DSH CONSULTING LLC DENNIS S HERCHEL PO BOX 606 534 MAIN STREET HAMPDEN MA 010369998 20749086 false X WWW.VALIFEGA.ORG X 1976 VA PRIMARY EXEMPT PURPOSE: THE ASSOCIATION IS A VIRGINIA STATUTORY ASSOCIATION FORMED PURSUANT TO CHAPTER 17 OF TITLE 38.2 OF THE CODE OF VIRGINIA TO PAY OBLIGATIONS OF INSOLVENT INSURANCE COMPANIES UNDER THE SUPERVISION OF THE VIRGINIA STATE CORPORATION COMMISSION. "MEMBER INSURER" MEANS AN INSURER OR HEALTH MAINTENANCE ORGANIZATION LICENSED TO TRANSACT IN THE COMMONWEALTH ANY CLASS OF INSURANCE OR HEALTH MAINTENANCE ORGANIZATION BUSINESS TO WHICH THIS CHAPTER 17 APPLIES UNDER SECTION 38.2-1700, BUT DOES NOT INCLUDE COOPERATIVE NONPROFIT LIFE BENEFIT COMPANIES, MUTUAL ASSESSMENT LIFE, ACCIDENT AND SICKNESS INSURANCE COMPANIES, BURIAL SOCIETIES, FRATERNAL BENEFIT SOCIETIES, DENTAL AND OPTOMETRIC SERVICES PLANS, AND HEALTH SERVICES PLANS NOT SUBJECT TO THIS CHAPTER 17 PURSUANT TO SECTION 38.2-4213. CHAPTER 17 ALSO APPLIES TO DENTAL BENEFIT CONTRACTS ENTERED INTO WITH A DENTAL PLAN ORGANIZATION AS PROVIDED IN CHAPTER 61. WITH RESPECT TO CONTRACTS ISSUED BY INSURERS LICENSED TO TRANSACT BUSI 13 13 0 15 0 0 10020137 20383771 281996 365315 0 10302133 20749086 0 932642 22144703 0 0 0 841478 762335 1774120 22907038 8528013 -2157952 11169796 9011844 0 11169796 9011844 X PRIMARY EXEMPT PURPOSE: THE ASSOCIATION IS A VIRGINIA STATUTORY ASSOCIATION FORMED PURSUANT TO CHAPTER 17 OF TITLE 38.2 OF THE CODE OF VIRGINIA TO PAY OBLIGATIONS OF INSOLVENT INSURANCE COMPANIES UNDER THE SUPERVISION OF THE VIRGINIA STATE CORPORATION COMMISSION. "MEMBER INSURER" MEANS AN INSURER OR HEALTH MAINTENANCE ORGANIZATION LICENSED TO TRANSACT IN THE COMMONWEALTH ANY CLASS OF INSURANCE OR HEALTH MAINTENANCE ORGANIZATION BUSINESS TO WHICH THIS CHAPTER 17 APPLIES UNDER SECTION 38.2-1700, BUT DOES NOT INCLUDE COOPERATIVE NONPROFIT LIFE BENEFIT COMPANIES, MUTUAL ASSESSMENT LIFE, ACCIDENT AND SICKNESS INSURANCE COMPANIES, BURIAL SOCIETIES, FRATERNAL BENEFIT SOCIETIES, DENTAL AND OPTOMETRIC SERVICES PLANS, AND HEALTH SERVICES PLANS NOT SUBJECT TO THIS CHAPTER 17 PURSUANT TO SECTION 38.2-4213. CHAPTER 17 ALSO APPLIES TO DENTAL BENEFIT CONTRACTS ENTERED INTO WITH A DENTAL PLAN ORGANIZATION AS PROVIDED IN CHAPTER 61. WITH RESPECT TO CONTRACTS ISSUED BY INSURERS LICENSED TO TRANSACT BUSI false false 22907038 20383771 ACTIVITY FOR 17 LIFE AND/OR HEALTH INSURANCE COMPANIES THAT ARE EITHER IN REHABILITATION OR LIQUIDATION. 22907038 false false false true false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false true false false false false false false false false true 2 0 0 false false false false false false false false X 13 13 false true false false true true true true true false false true true true true true true true false false X MARY Y SISSON 5714389408 PO BOX 606 534 MAIN STREET HAMPDEN MA 010369998 X VOYA RETIREMENT INSURANCE CHAIR 2.00 X 0 0 0 NEW YORK LIFE INSURANCE CO SECRETARY 2.00 X 0 0 0 UNITED HEALTHCARE INSURANCE CO TREASURER 2.00 X 0 0 0 ANTHEM HEALTH PLANS OF VA DIRECTOR 1.00 X 0 0 0 BRIGHTHOUSE LIFE INSURANCE CO DIRECTOR 1.00 X 0 0 0 COVENTRY HEALTH CARE OF VA INC DIRECTOR 1.00 X 0 0 0 GENWORTH LIFE ANNUITY INS CO DIRECTOR 1.00 X 0 0 0 KAISER FOUNDATION HEALTH PLAN DIRECTOR 1.00 X 0 0 0 LINCOLN NATIONAL LIFE INSURANCE CO DIRECTOR 1.00 X 0 0 0 METROPOLITAN LIFE INSURANCE CO DIRECTOR 1.00 X 0 0 0 SETTLERS LIFE INSURANCE COMPANY DIRECTOR 1.00 X 0 0 0 SHENANDOAH LIFE INSURANCE COMPANY DIRECTOR 1.00 X 0 0 0 TEACHERS INSURANCE ANNUITY ASSOC DIRECTOR 1.00 X 0 0 0 DENNIS S HERCHEL EXEC. DIRECT 30.00 X 0 0 0 MARY Y SISSON CHIEF ACCOUN 30.00 X 0 0 0 false false false MEMBER ASSESSMENTS-B 524298 17898629 17898629 RECEIVER DISTRIBUTIONS 524298 2284430 2284430 STATUTORY DEPOSITS 524298 200000 200000 PREMIUMS COLLECTED 524298 712 712 20383771 365315 365315 20749086 20749086 22144703 22144703 326185 326185 33470 33470 13613 13613 95 95 1222 1222 7925 7925 20267 20267 NOLHGA ASSESSMENTS 264297 264297 NOLHGA DUES 74152 74152 NOLHGA DATA SURVEY 13004 13004 BANK SERVICE FEES 6206 6206 1899 1899 22907038 22907038 0 0 180646 477678 10989150 8534166 11169796 9011844 0 0 X 2168062 2110583 9001734 6901261 11169796 9011844 11169796 9011844 -2157952 X false true X true false false false false 17898629 SCHEDULE C, PART IV THE ASSOCIATION DID NOT ENGAGE IN LOBBYING ACTIVITIES IN 2024. 20749086 20749086 20749086 22907038 22907038 22907038 APM MANAGEMENT SERVICES INC MANAGEMENT CO. 134296 MANAGEMENT FEES false APM MANAGEMENT SERVICES INC MANAGEMENT CO. 3198 EXPENSE REIMB'S false DSH CONSULTING LLC MANAGEMENT CO 191889 MANAGEMENT FEES false DSH CONSULTING LLC MANAGEMENT CO 9338 EXPENSE REIMBS false SCHEDULE L, PART V ALL MANAGEMENT FEES PAID TO APM MANAGEMENT SERVICES, INC. AND DSH CONSULTING LLC ARE PRE-APPROVED BY THE BOARD OF DIRECTORS. ALL EXPENSE REIMBURSEMENTS PAID TO EITHER PARTY ARE PRE-APPROVED BY THE ASSOCIATION'S CHAIR AND/OR TREASURER. FORM 990 - ORGANIZATION'S MISSION PRIMARY EXEMPT PURPOSE: THE ASSOCIATION IS A VIRGINIA STATUTORY ASSOCIATION FORMED PURSUANT TO CHAPTER 17 OF TITLE 38.2 OF THE CODE OF VIRGINIA TO PAY OBLIGATIONS OF INSOLVENT INSURANCE COMPANIES UNDER THE SUPERVISION OF THE VIRGINIA STATE CORPORATION COMMISSION. "MEMBER INSURER" MEANS AN INSURER OR HEALTH MAINTENANCE ORGANIZATION LICENSED TO TRANSACT IN THE COMMONWEALTH ANY CLASS OF INSURANCE OR HEALTH MAINTENANCE ORGANIZATION BUSINESS TO WHICH THIS CHAPTER 17 APPLIES UNDER SECTION 38.2-1700, BUT DOES NOT INCLUDE COOPERATIVE NONPROFIT LIFE BENEFIT COMPANIES, MUTUAL ASSESSMENT LIFE, ACCIDENT AND SICKNESS INSURANCE COMPANIES, BURIAL SOCIETIES, FRATERNAL BENEFIT SOCIETIES, DENTAL AND OPTOMETRIC SERVICES PLANS, AND HEALTH SERVICES PLANS NOT SUBJECT TO THIS CHAPTER 17 PURSUANT TO SECTION 38.2-4213. CHAPTER 17 ALSO APPLIES TO DENTAL BENEFIT CONTRACTS ENTERED INTO WITH A DENTAL PLAN ORGANIZATION AS PROVIDED IN CHAPTER 61. WITH RESPECT TO CONTRACTS ISSUED BY INSURERS LICENSED TO TRANSACT BUSINESS IN VIRGINIA, IT DEALS WITH DIRECT LIFE INSURANCE POLICIES, ACCIDENT AND SICKNESS INSURANCE POLICIES, ANNUITY CONTRACTS AND CONTRACTS SUPPLEMENTAL THERETO, AS WELL AS DENTAL BENEFIT CONTRACTS ENTERED INTO WITH DENTAL PLAN ORGANIZATIONS AS PROVIDED IN CHAPTER 61 OF TITLE 38.2. ALL INSURERS LICENSED TO WRITE SUCH POLICIES OR CONTRACTS IN VIRGINIA ARE REQUIRED TO BE MEMBERS OF THE ASSOCIATION. IN ACCORDANCE WITH SECTION 38.2-1705 OF THE CODE OF VIRGINIA, THE ASSOCIATION MAY ASSESS ITS APPROXIMATELY 800 MEMBERS TO THE EXTENT NECESSARY TO CARRY OUT ITS POWERS AND DUTIES. FORM 990, PAGE 1, PART I, LINE 6 VOLUNTEERS PROVIDE BOARD AND COMMITTEE SERVICE. FORM 990, PART VI EFFECTIVE APRIL 1, 2022, THE ASSOCIATION ENTERED INTO A NEW ANNUALLY RENEWABLE SERVICE AGREEMENT WITH APM MANAGEMENT SERVICES, INC. THE NEW AGREEMENT STIPULATES THAT APM WILL CONTINUE TO PROVIDE ACCOUNTING AND ADMINISTRATIVE SERVICES AND REIMBURSEMENT OF OUT-OF-POCKET EXPENSES. THIS AGREEMENT WAS RENEWED IN 2024 AT 11,158 PER MONTH PLUS A VARIABLE FEES FOR MANAGEMENT TRANSITION SERVICES (400 FOR THE YEAR ENDED DECEMBER 31, 2024). ANNUAL RENEWALS OF THE AGREEMENT ARE SUBJECT TO APPROVAL BY THE BOARD OF DIRECTORS. IN ADDITION, EFFECTIVE JANUARY 1, 2022, THE ASSOCIATION ENTERED INTO AN ANNUALLY RENEWABLE AGREEMENT WITH DSH CONSULTING LLC ("DSH CONSULTING") AN ENTITY WHOLLY OWNED BY DENNIS S. HERCHEL. ANNUAL RENEWALS OF THE AGREEMENT ARE SUBJECT TO APPROVAL BY THE BOARD OF DIRECTORS. THE AGREEMENT STIPULATES THAT DSH CONSULTING WILL SERVE AS THE ASSOCIATION'S EXECUTIVE DIRECTOR AND PROVIDE CERTAIN MANAGEMENT SERVICES TO THE ASSOCIATION. THIS AGREMENT WAS RENEWED IN 2024 FOR A MONMTHLY FEE OF 15,991 AND REIMBURSEMENT OF OUT-OF-POCKET EXPENSES. ALL PAYMENTS TO BOTH PARTIES ARE PRE-APPROVED BY THE ASSOCIATION'S CHAIR AND/OR TREASURER. EFFECTIVE JANUARY 1, 2025, BOTH OF THESE AGREEMENTS WERE RENEWED FOR A ONE YEAR PERIOD. FORM 990, PAGE 6, PART VI, LINE 3 SEE SCHEDULE L. FORM 990, PAGE 6, PART VI, LINE 6 PURSUANT TO THE LAWS OF THE COMMONWEALTH OF VIRGINIA, CERTAIN LIFE, ACCIDENT AND SICKNESS AND ANNUITY INSURANCE COMPANIES AND HEALTH MAINTENANCE ORGANIZATIONS LICENSED TO CONDUCT BUSINESS IN VIRGINIA MUST BE ASSOCIATION MEMBERS. IF A MEMBER BECOMES INSOLVENT, THE INSURED'S COVERED CLAIMS AND UNEARNED PREMIUMS ARE PAID BY THE ASSOCIATION THROUGH ASSESSMENTS TO THE REMAINING MEMBERS. FORM 990, PAGE 6, PART VI, LINE 7A THE MEMBERS OF THE ASSOCIATION, AS DESCRIBED ABOVE, ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PAGE 6, PART VI, LINE 7B CERTAIN DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO THE APPROVAL OF THE VIRGINIA STATE CORPORATION COMMISSION BUREAU OF INSURANCE. FORM 990, PAGE 6, PART VI, LINE 11B THE ASSOCIATION'S AUDIT COMMITTEE MET WITH THE INDEPENDENT AUDITORS TO REVIEW AND RECOMMEND TO THE BOARD OF DIRECTORS THE APPROVAL OF THE ASSOCIATION'S AUDITED FINANCIAL STATEMENTS WHICH PROVIDE THE UNDERLYING FINANCIAL DATA FOR THE FORM 990. PRIOR TO FILING, EACH OFFICER AND DIRECTOR WAS GIVEN A DRAFT COPY OF THE FORM 990 TO REVIEW AND WERE PROVIDED AN OPPORTUNITY TO ASK ANY QUESTIONS. FORM 990, PAGE 6, PART VI, LINE 12C OFFICERS/DIRECTORS COMPLETE CONFLICTS OF INTEREST QUESTIONNAIRES ANNUALLY. FORM 990, PAGE 6, PART VI, LINE 15A THE ANNUAL COMPENSATION PAID TO DSH CONSULTING LLC IS PRE-APPROVED BY THE BOARD OF DIRECTORS AS PART OF THE ANNUAL BUDGETING PROCESS. FORM 990, PAGE 6, PART VI, LINE 19 UPON REQUEST.