MAINE GUARANTEED ACCESS REINSURANCE ASSOCIATION

As filed

Subsection

04

NTEE code

E800

Classification

3000

Street

254 COMMERCIAL STREET

These codes are the IRS's own and are shown exactly as filed. What each one means is in the Business Master File documentation (opens in a new tab).

Other organizations at this address

2 other organizations in the IRS Business Master File list the same street address. matched by us

We match the street line and ZIP code as the IRS gives them, ignoring case and outer spaces and nothing else, so "AVE" and "AVENUE" count as different streets and this list can miss some. A shared address can mean related organizations or a shared office, but it can also be a registered agent, a mail drop or a service provider holding mail for unrelated clients. It is not, by itself, evidence that two organizations are connected.

• BORN GLOBAL FOUNDATION

  EIN 81-5150589

• SQUIRREL ISLAND PRESERVATION FOUNDATION

  EIN 22-2875544

Mission and programs · 2024

• 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). In 2024, the Association covered 75% of claims paid in excess of $135,000 (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. Effective January 1, 2024, the Plan of Operations was amended and restated for the Association to implement Maine's High-Priced Items and Services (HPIS) statutory regime on a pilot program basis, which requires MGARA to publish, based on carriers' reporting, a list of providers that receive insurance payments in excess of a statutory threshold for certain identified services. Reporting commences in 2025 for the 2024 year.

  Expenses $60,283,091 · Revenue $29,141,368

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Officers and directors · 2024

As listed in Part VII of the 2024 return, in the order the filer printed them. Each return names its own; this is not a roster the organization keeps with us.

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. Earlier years are each on their own filing page.

Filings

• 2024

  Revenue

  $79,759,393

  Expenses

  $61,102,268

  Contributions

  $45,726,151

  Grants paid

  $0

• 2023

  Revenue

  $94,901,712

  Expenses

  $122,907,117

  Contributions

  $63,478,674

  Grants paid

  $0

• 2022

  Revenue

  $74,938,407

  Expenses

  $93,959,932

  Contributions

  $43,754,627

  Grants paid

  $0

The four totals the IRS asks for on Part I of the Form 990, as filed. A dash means the figure was not present on the return — not that it was zero.

Other returns filed

• 2021 · 990

  Revenue

  $103,548,873

  Expenses

  $71,737,354

  Assets (EOY)

  $111,387,710

• 2020 · 990

  Revenue

  $96,950,323

  Expenses

  $70,257,159

  Assets (EOY)

  $86,020,616

• 2019 · 990

  Revenue

  $131,643,917

  Expenses

  $106,418,865

  Assets (EOY)

  $69,477,258

• 2018 · 990

  Revenue

  $87,732

  Expenses

  $464,295

  Assets (EOY)

  $4,687,939

• 2017 · 990

  Revenue

  $41,806

  Expenses

  $439,607

  Assets (EOY)

  $5,099,362

• 2016 · 990

  Revenue

  $462,947

  Expenses

  $212,499

  Assets (EOY)

  $5,441,025

• 2015 · 990

  Revenue

  $49,615

  Expenses

  $171,537

  Assets (EOY)

  $5,193,531

• 2014 · 990

  Revenue

  $9,123,557

  Expenses

  $4,958,729

  Assets (EOY)

  $6,219,913

Nonprofiteer parses Forms 990, 990-EZ and 990-PF, in a window of recent tax years. These returns are recorded from the IRS e-file index, so their figures were extracted by that index rather than read from the return here — treat them as a different source from the filings above, not as more of the same record. A dash means the index carries no figure; Form 990-T listings carry none at all.

Grants made

No itemized grants to organizations. Schedule I is filed only by organizations that granted more than $5,000 to a recipient, so most filers have none.

Grants received

No itemized grant names this organization as a recipient. Only grants over $5,000 are itemized, and only by filers of the full Form 990.

Related organizations

From Schedule R Part II, where a filer lists the tax-exempt organizations it is related to by control. It does not record shared board members or money.

Other IRS files