Overview
What is Maine Guaranteed Access Reinsurance Association?
The Maine Guaranteed Access Reinsurance Association is a nonprofit organization founded in Portland, Maine, with the primary goal of reducing insurance costs in Maine's individual health insurance market. It does this by providing a reinsurance program for the higher risk segment of this market. In regular business operations, member insurers aim to limit their exposure to loss on any single insured and recover a portion of losses by ceding reinsurance to the Association. The Association covers losses at 90% of claims paid up to $65,000 and 100% of claims paid above $95,000, net of recoverable amounts from a federal high-risk pool. The Association officially started operations on January 1, 2012, and underwent amendments in 2019 and 2022, allowing for a shift from a prospective to a retrospective model. Its mission is to operate the reinsurance program effectively to lower health insurance costs in Maine's individual market without threatening the Association's solvency.
Official website here: www.mgara.org
Is Maine Guaranteed Access Reinsurance Association legitimate?
Maine Guaranteed Access Reinsurance Association is a legitimate nonprofit organization registered as a 501(c)(4) entity. Maine Guaranteed Access Reinsurance Association submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are not tax deductible.
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Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mgara.org
What is the mission statement of Maine Guaranteed Access Reinsurance Association?
The Maine Guaranteed Access Reinsurance Association operates a reinsurance program aimed at lowering health insurance costs in Maine's individual market. Established to assure affordable health insurance for residents, the Association assumes a significant portion of coverage costs for higher risk individuals through reinsurance agreements with insurers. By limiting insurers' exposure to losses on individual policies, the Association facilitates the availability of health insurance in Maine. The Association has suspended and restarted its operations, implementing changes to its reinsurance model in 2019 and 2022. Its mission remains focused on maximizing the impact of the program in reducing health insurance costs for individuals in Maine.
Official website here: www.mgara.org
Who is the CEO of Maine Guaranteed Access Reinsurance Association?
Jolan Ippolito is the Chair of Maine Guaranteed Access Reinsurance Association.
Official website here: www.mgara.org
What is the revenue of Maine Guaranteed Access Reinsurance Association?
Maine Guaranteed Access Reinsurance Association's revenue in 2022 was $74,938,407.
Official website here: www.mgara.org
Who are the executives of Maine Guaranteed Access Reinsurance Association and what are their salaries?
- Jolan F Ippolito (Chair) [Trustee/Director]
- Bill Whitmore (Treasurer (From 04/2022)) [Trustee/Director]
- Dana C Kempton (Treasurer (Thru 04/2022)) [Trustee/Director]
- Christopher Howard (Secretary/Clerk)
- Dr David Howes (Director)
- Katherine Pelletreau (Director)
- Bruce Nicholson (Director)
- Kevin Lewis (Director)
- James Lyon (Director)
- Ben Johnston (Director)
- Ellen Schneiter (Director)
- Terry Brann (Director (From 04/2022))
- Eric Jermyn (Director (From 04/2022))
- Geoffrey Shannon (Director (Thru 03/2022))
- Joel Allumbaugh (Director (Thru 04/2022))
Official website here: www.mgara.org
Where can I find the form 990 for Maine Guaranteed Access Reinsurance Association?
The Maine Guaranteed Access Reinsurance Association’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.mgara.org
Learn more at the official website: www.mgara.org
Mission Statement of Maine Guaranteed Access Reinsurance Association
Maine Guaranteed Access Reinsurance Association, or MGARA, is a reinsurance program designed to support Maine's individual health insurance market by absorbing a significant portion of the costs associated with the higher-risk segment of policyholders. The organization was established with the goal of reducing health insurance costs in Maine and ensuring the availability of affordable coverage to the state's residents.
MGARA operates by partnering with individual health insurers in Maine, allowing them to limit their exposure to financial losses on high-risk policies. In exchange, the insurers cede a portion of their losses to MGARA, which assumes responsibility for covering a substantial portion of the claims for those policies. The Association has covered 90% of claims paid up to $65,000 and 100% of claims paid in excess of $95,000, net of recoverable amounts from a federal high-risk pool.
In its mission to maximize the impact of the Association in lowering the cost of health insurance, MGARA ensures the sustainability of the program and the solvency of the Association. The organization officially began operations on January 1, 2012, suspended its activities in 2014, and reinitiated the reinsurance program on January 1, 2019. In 2022, MGARA amended its program to shift from a prospective to a retrospective model.
Impact
This information is meant to be a general summary of Maine Guaranteed Access Reinsurance Association. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Maine Guaranteed Access Reinsurance Association's impact lies in its role as a key player in the reinsurance program for the high-risk segment of Maine's individual health insurance market. By providing reinsurance coverage for a significant portion of the coverage offered by its Member Insurers, the Association aims to reduce insurance costs, ensure the availability of affordable health insurance for Maine residents, and minimize the financial risks faced by insurers. Through its operations, the Association strives to lower the overall cost of health insurance in Maine's individual market while maintaining its financial stability.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Regular Assessments
Revenue
$28,957,561
Premiums Earned
Revenue
$110,880
Organization Details
Founding Year
2012
Phone
(207) 791-1335
Principal Officer
Jolan Ippolito
Main Address
254 Commercial Street, Portland, ME, 04101
Website
www.mgara.org
NTEE Category
Code: E80 - Health
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