Welcome to the Virginia Life, Accident & Sickness Insurance Guaranty Association ("guaranty association") Web site. We hope you find this site helpful in providing information regarding the purpose of the guaranty association and how it protects resident policyholders in the event of an insurance company insolvency.
General Motors Defined Benefit Plan Termination/Prudential Group Annuity
We have not reviewed the group annuity contract proposed to be issued by The Prudential Insurance Company of America (“PICA”) for GM plan participants. However, we have been informed that the contract is a fixed annuity contract that will obligate PICA to pay annuity benefits directly to the participants under the contract, and that the participants will be able to directly enforce those obligations against PICA. We have been further advised that PICA will issue individual certificates to plan participants, further evidencing their individual rights under the contract.
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Information on the Executive Life of New York (ELNY) Receivership
For information on the Executive Life of New York (ELNY) receivership, please click here to visit a Web page with background information, a link to the ELNY receivership Web site, and other materials. The page is hosted by the National Organization of Life & Health Insurance Guaranty Associations (NOLHGA).