The Virginia State Bar, through its governing body, is authorized to endorse insurance coverages or to be a holder of group or individual insurance policies for the benefit of the members of the Virginia State Bar, their employees and families. In connection therewith, the Virginia State Bar is authorized to execute, amend and revoke agreements to provide such endorsement or such group or individual insurance policies to such members, employees and families. All group or individual insurance policies or coverages endorsed or held by the Virginia State Bar before July 1, 1995, are hereby approved.