Insuring through a licensed Group Self Insurance Association (GSIA) is one of the four methods an employer may choose to secure workers’ compensation coverage in Virginia.
GSIA Licensure & Requirements
Two or more employers that have a common interest may be licensed by the State Corporation Commission (S.C.C.) as a group self-insurance association and permitted to enter into agreements to pool their liabilities under the Act. Requirements for licensure are found in Va. Code §65.2-802. The Bureau of Insurance in S.C.C. strongly encourages all parties interested in forming a Group Self-Insurance Association to schedule a personal meeting with the Bureau prior to application to gain an understanding of the licensing process. Contact the Bureau by phone at (804)-371-9185. Parties with an interest are also encouraged to review the Rules governing Group Self-Insurance Associations to appreciate the prerequisites and obligations of a GSIA.
Specific and aggregate excess insurance may be required as a condition for licensing a group self-insurance association.
Group Self-Insurance Associations are governed by the State Corporation Commission. The rules governing GSIAs are listed in the Virginia Administrative Code under the State Corporation Commission, Bureau of Insurance at 14 VAC 5-370-10 et seq. To review the Rules click on the link provided for the Virginia Administrative Code and scroll down to Chapter 370, then click on it.
GSIAs are required to file annual reports. The Workers’ Compensation Commission provides an online tool, “WebFile” to satisfy GSIA reporting obligations. Once a GSIA is licensed, one or more members are granted access to WebFile. The GSIA WebFile Guide is available to assist in navigating through the application. If additional assistance is required, please contact the Insurance Department at (804) 205-3586 or by email at firstname.lastname@example.org.