Program areas at Maine Guaranteed Access Reinsurance Association
The Association was created for the purpose of providing a reinsurance program for the higher risk segment of Maine's individual health insurance market in order to reduce insurance costs in that market and assure availability of affordable health insurance to residents of the State of Maine by providing reinsurance of a significant portion of the coverage provided through individual health insurance policies offered by its Member Insurers. In the normal course of business, the Member Insurers seek to limit their exposure to loss on any single insured and to recover a portion of losses paid by ceding reinsurance to the Association. In 2021 and 2022, the Association covered losses at 90% of claims paid at $65,000 of loss, and at 100% of claims paid in excess of $95,000 of loss, net of amounts (Continued on Sch O)(Continued from Page 2) recoverable from a federal highcost risk pool. The Association officially commenced operations on January 1, 2012. Premium collections and claims processing began on July 1, 2012. The Association suspended its operations effective January 1, 2014, and the final assessment was assessed in October of 2013. The Association reinitiated its reinsurance program effective January 1, 2019, in accordance with its Amended and Restated Plan of Operation dated January 1, 2019, approved by the Maine Bureau of Insurance in late December 2018. The Association amended its reinsurance program effective January 1, 2022, in accordance with its Amended and Restated Plan of Operation dated January 1, 2022, approved by the Maine Bureau of Insurance, to shift from a prospective to a retrospective model.
Personnel at Maine Guaranteed Access Reinsurance Association
Name | Title | Compensation | Date of data |
---|
Jolan Ippolito | Chair | $0 | 2023-11-17 |
Christopher Howard | Secretary and Clerk | $0 | 2022-12-31 |
Dana C Kempton | Treasurer / Director | $0 | 2022-12-31 |
Christopher Ward | Secretary and Clerk | $0 | 2016-12-31 |
Scott Davis | Past Treasurer | $0 | 2016-12-31 |
Financials for Maine Guaranteed Access Reinsurance Association
Revenues | FYE 12/2022 | FYE 12/2021 | % Change |
---|
Total grants, contributions, etc. | $43,754,627 | $39,315,869 | 11.3% |
Program services | $29,068,441 | $61,506,763 | -52.7% |
Investment income and dividends | $2,115,339 | $2,726,241 | -22.4% |
Tax-exempt bond proceeds | $0 | $0 | - |
Royalty revenue | $0 | $0 | - |
Net rental income | $0 | $0 | - |
Net gain from sale of non-inventory assets | $0 | $0 | - |
Net income from fundraising events | $0 | $0 | - |
Net income from gaming activities | $0 | $0 | - |
Net income from sales of inventory | $0 | $0 | - |
Miscellaneous revenues | $0 | $0 | - |
Total revenues | $74,938,407 | $103,548,873 | -27.6% |
Organizations like Maine Guaranteed Access Reinsurance Association
Organization | Type | Location | Revenue |
---|
Community Health Network of Connecticut (CHNCT) | 501(c)(4) | Wallingford, CT | $75,492,163 |
Partners Health Plan | 501(c)(4) | Bronx, NY | $302,379,602 |
Community Care Health Plan | 501(c)(4) | Brookfield, WI | $124,554,353 |
Baylor Scott & White Care Plans | 501(c)(4) | Dallas, TX | $174,696,154 |
Hometown Health | 501(c)(4) | Reno, NV | $140,742,491 |
Physicians Health Network | 501(c)(4) | Lansing, MI | $138,450,632 |
Delta Dental of Colorado / Colorado Dental Service Inc | 501(c)(4) | Centennial, CO | $233,393,351 |
Community Health Network of Washington (CHNW) | 501(c)(4) | Seattle, WA | $247,346,465 |
PHP Medicare | 501(c)(4) | Lansing, MI | $78,100,472 |
Harvard Pilgrim Health Care of Connecticut | 501(c)(4) | Hartford, CT | $21,117,996 |
Data update history
January 10, 2024
Posted financials
Added Form 990 for fiscal year 2022
January 9, 2024
Updated personnel
Identified 2 new personnel
July 28, 2023
Posted financials
Added Form 990 for fiscal year 2021
July 6, 2023
Updated personnel
Identified 1 new personnel
June 30, 2023
Posted financials
Added Form 990 for fiscal year 2020
Nonprofit Types
Insurance companiesHealth organizationsHeadquarter / parent organizations
Issues
Health
Characteristics
State / local levelReceives government fundingNo full-time employees
General information
- Address
- 254 Commercial St
- Portland, ME 04101
- Metro area
- Portland-South Portland, ME
- County
- Cumberland County, ME
- Website URL
- mgara.org/Â
- Phone
- (207) 791-1335
IRS details
- EIN
- 45-4331075
- Fiscal year end
- December
- Taxreturn type
- Form 990
- Year formed
- 2012
- Eligible to receive tax-deductible contributions (Pub 78)
- No
Categorization
- NTEE code, primary
- E80: Health, General and Financing
- NAICS code, primary
- 52411: Direct Life, Health, and Medical Insurance Carriers
- Parent/child status
- Central organization
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