VSB Plans – History and Structure
The
Virginia State Bar has endorsed
personal insurance plans for about fifty years. In 1954, the Bar began
offering members a group life insurance plan. Group health insurance
was added in 1955 and a disability plan in 1959. Although there have
been variations in the details of the coverage, life, health, and
disability, plans have been continuously endorsed since the inception
of the program. During the early 1970’s as many as fifteen types
of insurance were endorsed by the Virginia State Bar. By 1980, those
were trimmed back to the original three (life, health and disability),
which were consistent with the mission of the program.
For most of its history, the purpose of the
insurance program has been to provide bar members with quality coverage
at affordable prices. The purpose is not to compete with the commercial
market but rather to leverage the group buying power to provide members
with insurance they could not get elsewhere. Over the years, the
primary beneficiaries have been sole practitioners and small firms.
Past evaluations of the VSB program by the VSB
Personal Insurance Committee, the Executive Committee, the VSB Council,
or outside consultants have found that the plans are an important
service to members of the bar. They concluded that the plans can
improve the quality of legal services and even limit misconduct by
allowing attorneys to provide their families and employees with
adequate insurance, particularly health insurance. They point to
instances of defalcation committed to pay for uninsured family medical
expenses.
The Personal Insurance for Members Committee
oversees the program. With the help of the broker-administrator, the
VSBMIC, the committee monitors the plans and the details of coverage.
When necessary, the committee recommends changes. Any new plans are
approved by the executive committee or council. The work of the
committee and the administrator relieves attorneys of the time and
expense of finding insurance products on their own.
