Virginia Property Insurance Assn

“Members of VPIA are defined as follows in Article V, Section A. of VPIA's Plan of Operations: "Members. All insurers licensed to write basic property insurance on a direct basis in Virginia, unless specifically exempted by law from participation in this Association, shall become Members of the Association by subscribing to this Plan of Operation and shall be referred to herein as Members."”

“The election of members of the governing body is stated in Article VI. "Board of Directors", Sections A., B. & C. of VPIA's Plan of Operations: "A. Number, Selection. The Association shall be governed by a Board of fifteen directors composed of (1) four individuals appointed by the Commissioner, two of whom shall be licensed property and casualty agents and two of whom shall be from the general public, and (2) eleven Members, no two of which may be under common control or ownership, which shall be elected by cumulative vote of the Members. B. Term. Directors shall be annually appointed or elected, as the case may be, and shall serve for a period of one year or until their successors are appointed or elected and their designated representatives named. In the event of a vacancy occurring during the term if among appointed directors, a successor shall be appointed by the Commissioner and if among the Member directors, a successor shall be elected by the Board. C. Designation of Member Representation. As soon as practicable following the Annual Meeting of Members, each Member director shall designate a representative and an alternate representative and shall notify the Association in writing of such designations."”

“In accordance with Article VI. "Board of Directors", Section D. of VPIA's Plan of Operations, which states as follows: "D. Powers. The Board shall have all the powers vested in the Association under Chapter 27, Title 38.2 of the Code of Virginia and shall have such further powers and responsibilities as may be prescribed by this Plan of Operation or by the Members subject in either case to approval by the Commission, including, without limitation, the right in person or through representatives, to audit and inspect the books and records of any Member as to matters within the purview of this Plan of Operation or the Member's responsibilities as a Member of this Association. The Board may adopt such rules and rules of order as it deems necessary for the conduct of its business." As stated in Article IV, "Definitions" of VPIA's Plan of Operations, " 'Commission' means the State Corporation Commission of Virginia".”

“The 990 is reviewed by the General Manager & Secretary, posted to the administrative section of VPIA's website for the Board of Directors, and emailed to each member of the Board of Directors prior to filing.”

“Annually, all of the members of the Board of Directors and all of the employees are required to complete, sign, & date conflict of interest statements.”

“Compensation of the General Manager and Assistant Manager is administered under VPIA's Salary Administration Program which is approved annually by the Board of Directors. Also, VPIA completed a salary study that was provided by an independent company to the Board of Directors.”

“The governing documents, conflict of interest policy, and the financial statements are available to the public through VPIA's website.”

“($812,515) change in non-admitted assets and $34,620 change in the post-retirement benefit obligation.”