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Welcome to the Virginia Life, Accident, & Sickness Insurance Guaranty Association
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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.
The Virginia Life, Accident & Sickness Insurance Guaranty Association is a statutory entity created in 1976 when the Virginia Legislature enacted the Virginia Guaranty Association Act (a link to the Act can be found in the Additional Info section). The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the Commonwealth of Virginia. In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Guaranty Association Act enables the guaranty association to provide protection (up to the limits set forth in the Act) to Virginia residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer.
Specifically, when a member insurer is found to be insolvent and is ordered rehabilitated or liquidated, a special deputy receiver takes over the insurer under court supervision and processes the assets and liabilities through rehabilitation or liquidation. The task of providing coverage... [ more ] |
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