Virginia Life Accident and Sickness Insurance Guaranty Association
Nonprofit profile at a glance
- EIN
- 541642659
- IRS 990 coverage
- 2010–2025
- Forms available
- Form 990 2025
- Location
- Hampden, MA, USA
- Phone
- 5714389408
- Rating
- 73
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $19,075,748
- Expenses
- $4,751,409
- Assets
- $23,336,183
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
15 people listed
People named in this filing
- NEW YORK LIFE INSURANCE COMPANY (CHAIR)
- TEACHERS INSURANCE AND ANNUITY (SECRETARY)
- UNITEDHEALTHCARE INSURANCE CO (TREASURER)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
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 busi
What it reported doing in 2025
Activity for 17 life and/or health insurance companies that are either in rehabilitation or liquidation.
Operating model
- Revenue model
- Earned-program. 98% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Member-benefit provider. The nonprofit used 82% of its reported program spending for member benefits.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and program spending has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 47
- Transparency & Controls: 90
- Accountability: 100
- Sustainability: 91
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 24.5%; rating input score 24
- Program expense ratio: 100%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
- Governance controls: 7 of 7 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 75.1%; rating input score 97; 97th percentile among comparable filings
- Total-asset coverage ratio: 4.91; rating input score 78; 78th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 98; 98th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 96; 96th percentile among comparable filings
Growth
- Program expense growth: -0.3% per year; rating input score 0; 10th percentile among comparable filings
- Revenue growth: 4.1% per year; rating input score 100; 33rd percentile among comparable filings
- Asset growth: 9.5% per year; rating input score 100; 65th percentile among comparable filings
Details
- Where the money goes: 24.5% of revenue deployed · 100% of spending went to programs
- Governance: 13 of 13 board members independent · 7 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $4.8M in reported program spending
- Leadership: top reported pay $0 · 15 people listed
- Consistency: 21 of 21 current checks pass
- Schedules: 4 filed schedules
- Filing history: 15 filing years from 2010 to 2025
- Contacts: How to reach this organization
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 24/100.
- High — Growth: Program expense growth scored 0/100.