Maine Guaranteed Access Reinsurance

“The Board of Directors by resolution adopted by a majority of the full Board of Directors then in office may create and appoint an Executive Committee consisting of three or more Directors and may delegate to it some or all of the Board's authority in the management of the corporation's business and affairs except as limited by Section 709 of the Maine Nonprofit Corporations Act, the resolution establishing such executive authority or any other resolutions thereafter adopted by the Board of Directors. The Executive Committee shall keep regular minutes of its proceedings and report the same to the Board of Directors. Members of the Executive Committee may be removed, with or without cause, and vacancies may be filled by resolution adopted by a majority of the full Board of Directors then in office.”

“Effective January 1, 2022, the Association entered into an administrative agreement with River 9 Consulting, Inc. (River 9). This agreement stipulates a flat monthly fee of $15,000 per month and $50 quarterly per individual claims processing fee. This fee applies to each person for which a claim reimbursement payment is made to a participating carrier related to that individual during the relevant calendar quarter. There is a total annual fee cap of $400,000 for individual market. The management service expense for the years ended December 31, 2024 and 2023, was $350,500 and $377,000, respectively, of which $49,750 and $68,300, was payable at December 31, 2024 and 2023, respectively.”

“Members are "Member Insurers" that offer individual health plans and are actively marketing individual health plans in the State of Maine.”

“The Board of Directors consists of 12 members, comprised of 5 Insurer Member Directors and 7 Public Interest Directors. Member Directors are elected by Member Insurers, at least one of whom is an officer, employee, director manager, shareholder, partner, member or designee of a domestic insurer and at least one of whom is an officer, employee, director, manager, shareholder, partner, member or designee of a third party administrator. Public Interest Directors are appointed by the Superintendent of Insurance. The Public Interest Directors consist of: 1. 2 members chosen from the general public who are not associated with the medical profession, a hospital or an insurer; 2. 2 members who represent medical providers; 3. 1 member who represents a statewide organization that represents small businesses; 4. 1 member who represents producers; and, 5. 1 member who represents individual health insurance consumers who is not associated or formerly associated with the medical profession, a hospital, an insurer or a producer.”

“Members have no right to vote except with respect to the election of Member Directors, for which each Member has one vote. The Board of Directors shall have the exclusive power to alter, amend, or repeal the Articles of Incorporation, subject to the approval of the Superintendent of Insurance of the State of Maine.”

“The association did not utilize an Executive Committee during the fiscal year.”

“A copy of the Form 990 is provided to the board for review prior to filing.”

“The board of the organization has adopted a conflict of interest policy. The conflict of interest policy covers the Board of Directors and specifies the procedures for handling all conflicts that arise. The policy is reviewed on an annual basis by the governing board. Determinations of whether a conflict exists are made by the officers of the board. The officers of the board determine appropriate responses and actions to take when actual conflicts arise.”

“The Association's organizational documents are available upon request.”

“Modified Cash Basis of Accounting.”

“The Board of Directors assumes the responsiblity for oversight of the audit and selection of an independent accountant.”