Maine Guaranteed Access Reinsurance Association
- Assets
- $98.6m
- Revenue
- $94.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Portland, ME
- Founding
- 10/2015
- Data as of
- 12/2023
- EIN
- 45-4331075
Organization Overview
Maine Guaranteed Access Reinsurance Association is located in Portland, ME. The organization was established in 2015. According to its NTEE Classification (E80) the organization is classified as: Health (General & Financing), under the broad grouping of Health Care and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine Guaranteed Access Reinsurance Association is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2023, Maine Guaranteed Access Reinsurance Association generated $94.9m in total revenue. All expenses for the organization totaled $122.9m during the year ending 12/2023. While expenses have increased by 107.6% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
A REINSURANCE PROGRAM FOR THE HIGH RISK SEGMENT OF MAINE'S INDIVIDUAL HEALTH INSURANCE MARKET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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. IN 2023, THE ASSOCIATION COVERED 100% OF CLAIMS PAID IN EXCESS OF $90,000 (UP TO $275,000).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. EFFECTIVE JANUARY 1, 2023, THE PLAN OF OPERATIONS WAS AMENDED AND RESTATED FOR THE ASSOCIATION'S PROGRAM TO BE EXTENDED TO A MERGED INDIVIDUAL MARKET AND SMALL GROUP MARKET, REFERRED TO AS THE "POOLED MARKET". THIS EXTENDED THE ASSOCIATION'S COVERAGE TO SMALL GROUP HEALTH PLANS AS WELL AS INDIVIDUAL HEALTH INSURANCE PLANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jolan F Ippolito Chair | OfficerTrustee | 2 | $0 |
David Reagan Treasurer (from 09/2023) | OfficerTrustee | 2 | $0 |
Bill Whitmore Treasurer (left 09/2023) | OfficerTrustee | 2 | $0 |
Christopher Howard Secretary/clerk | Officer | 2 | $0 |
Dr David Howes Director | Trustee | 2 | $0 |
Katherine Pelletreau Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
River 9 Consulting Inc Administrative Services | 12/30/23 | $377,000 |
Milliman Actuarial Services | 12/30/23 | $276,280 |
Pierce Atwood Llp Legal Services | 12/30/23 | $150,952 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $63,478,674 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $63,478,674 |
| Total Program Service Revenue | $28,889,529 |
| Investment income | $2,503,725 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $29,784 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $94,901,712 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $377,000 |
| Fees for services: Legal | $150,952 |
| Fees for services: Accounting | $40,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $276,278 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $71,039 |
| All other expenses | $121,991,398 |
| Total functional expenses | $122,907,117 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,118,190 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,264,310 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $86,642,400 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $589,051 |
| Total assets | $98,613,951 |
| Accounts payable and accrued expenses | $318,984 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $61,675,189 |
| Total liabilities | $61,994,173 |
| Net assets without donor restrictions | $36,619,778 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $98,613,951 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Delta Dental Plan Of New Hampshire Concord, NH | $86,151,858 | $423,230,924 |
Maine Dental Service Corporation Concord, NH | $75,628,828 | $164,272,761 |
Maine Guaranteed Access Reinsurance Association Portland, ME | $98,613,951 | $94,901,712 |
Delta Dental Plan Of Vermont Inc Concord, NH | $38,089,544 | $98,493,668 |
New England Telehealth Consortium Bangor, ME | $2,188,915 | $7,513,063 |
New Hampshire Health Information Organization Corporation Concord, NH | $99,559 | $1,471,668 |
Gst Health Benefit Trust Weare, NH | $5,000 | $859,999 |
Reproductive Freedom Fund Of New Hampshire Dover, NH | $181,916 | $397,166 |
New Hampshire Life And Health Insurance Guaranty Association Bedford, NH | $1,234,280 | $4,547 |
Restore Hope Lyme, NH | $29,350 | $242,453 |
Maine Life And Health Insurance Guaranty Association South China, ME | $910,219 | $6,445 |
Robbie Foundation Scarborough, ME | $131,378 | $0 |
North Country Aco Littleton, NH | $3,080 | $0 |