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 not tax deductible.
Here 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:
- Ms Susan M Tinsley Cpcu (General Manager And Secretary) [Trustee/Director]
- Ms Kelly Biester (Assistant Manager)
- Mr Tom Mathes (Alternate Board Member) [Trustee/Director]
- Mr Conleth Kennedy (Board Member) [Trustee/Director]
- Mr David Bonenfant Cpcu Chfc Clu (Vice Chairman) [Trustee/Director]
- Ms Corise Morrison Cpcu (Board Member) [Trustee/Director]
- Ms Melanie Hartwell (Alternate Board Member) [Trustee/Director]
- Mr Douglas S Favre (Agent Board Member) [Trustee/Director]
- Ms Carla Marks (Agent Board Member) [Trustee/Director]
- Mr Shane Badon (Board Member) [Trustee/Director]
- Ms Betty Wooldridge (Board Member) [Trustee/Director]
- Mr Noland Deas (Board Member) [Trustee/Director]
- Mr Sam Rooks Cpcu Au (Chairman) [Trustee/Director]
- Ms Heather Hamilton (Board Member) [Trustee/Director]
- Ms Cheryl Watts (Alternate Board Member) [Trustee/Director]
- Mr Larry Halterman (Public Board Member) [Trustee/Director]
- Mr James Stacia (Public Board Member) [Trustee/Director]
- Mr Peter Maercklein (Alternate Board Member) [Trustee/Director]
- Ms Edith Mason (Alternate Board Member) [Trustee/Director]
- Mr Michael Donovan (Board Member) [Trustee/Director]
- Mr Jarrad West (Board Member) [Trustee/Director]
- Mr Michael Hernandez (Board Member) [Trustee/Director]
- Mr Zach Schwartz (Board Member) [Trustee/Director]
Official website here: www.vpia.com
Where can I find the form 990 for Virginia Property Insurance Assn?
The 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.
Impact
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.
Thursday, August 15, 2024
Virginia Property Insurance Association (VPIA) plays a crucial role in administering a program for the fair distribution and placement of basic property insurance in compliance with the Urban Property Protection and Reinsurance Act of 1968. By issuing policies on behalf of its members and managing the financial aspects of premiums, commissions, losses, and expenses, VPIA ensures that essential property insurance coverage is accessible to those in need. Through its assessments on participating companies, VPIA secures the necessary funds to fulfill its mission effectively.
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.
- Assets and Liabilities:
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) 591-3700
Principal Officer
Susan Tinsley
Main Address
301 CONCOURSE BLVD SUITE 190, GLEN ALLEN, VA, 23059
Website
www.vpia.com
NTEE Category
Code: Y20 - Mutual benefit
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