Mada Insurance Inc

“Mada insurance, inc. Has no employees. Management of the organization is done via management agreements with the minnesota automobile dealers association and mada services, inc.”

“The fund did not have any committees with the authority to act on behalf of the governing body during the year.”

“The return is prepared by the organization's outside public accounting firm based on information provided by management. Once the return is available, the form 990 is provided to the organization's governing body before it is filed and it is reviewed in conjunction with the review of the fund's annual audit.”

“Conflict of interest disclosures are completed annually by all board members and management company executives. No conflicts have been reported to date. Appropriate action, such as prohibiting an individual from participation in the governing body's deliberations and decisions, would be taken in the event a conflict were discovered. After disclosing a financial interest and all material facts, and after any discussion with the interested person, the potential conflict of interest is discussed and voted upon. The members of the mada insurance board, not including any involved parties to the potential conflict of interest, shall decide if a conflict of interest exists.”

“The fund makes its governing documents and conflict of interest policy available to the public upon request. Financial statements are made available to the public on the dol website as part of the form 5500 filing.”

“In january 2022, the board of directors passed a motion to terminate the plan effective july 1, 2022. The health, dental, life, and accidental death and dismemberment coverages were terminated effective july 1, 2022. The plan liquidiation was completed during 2023.”