independence american INSURANCE company Independence Holding Co (IHC) Company Profile | Reuters Independence Holding Company (IHC) is a holding company principally engaged in the life and health INSURANCE business. The Company provides specialized life and health coverage and related services to commercial customers and individuals. The Company’s wholly owned INSURANCE company subsidiaries. Standard Security Life Insurance Company of New York (Standard Security Life) and Madison National Life Insurance Company. Inc. (Madison National Life) market their products through independent and affiliated brokers. producers and agents. On December 31. 2011. it acquired 78% interest of American Independence Corp. (AMIC). which owns Independence American Insurance Company (Independence American). several managing general underwriters (MGUs) and controlling interests in three agencies. During the year ended December 31. 2011. Madison National Life acquired a block of life INSURANCE policies. In 2011. AMIC acquired an additional 38% ownership interest in its subsidiary. Independent Producers of America. LLC. Standard Security Life is licensed as an INSURANCE company in all 50 states. the District of Columbia. the Virgin Islands and Puerto Rico. Madison National Life is licensed to sell INSURANCE products in 49 states. the District of Columbia. the Virgin Islands and Guam. and is an accredited reinsurer in New York. Independence American is licensed to sell INSURANCE products in 49 states and the District of Columbia. The Company’s administrative companies underwrite. market. administer and/or price life and health INSURANCE business for the Company’s owned and affiliated carriers. and to a lesser extent. for non-affiliated INSURANCE companies. During 2011. its principal administrative companies were Insurers Administrative Corporation (IAC). Majestic Underwriters. LLC (Majestic). Health Plan Administrators. Inc. (HPA). GroupLink Inc. (GroupLink) and Actuarial Management Corporation (AMC). Medical Stop-Loss The Company is a writer nationally of excess or stop-loss INSURANCE for self-insured employer groups that desire to manage the risk of large medical claims (Employer Medical Stop-Loss). Medical Stop-Loss INSURANCE provides coverage to public and private entities that elect to self-insure their employees medical coverage for losses within specified ranges. which permits such groups to manage the risk of excessive health INSURANCE costs by limiting specific and aggregate losses to pre-determined amounts. This coverage is available on either a specific or a specific and aggregate basis. although the majority of the Company’s policies cover both specific and aggregate claims. Plans are designed to fit the identified needs of the self-insured employer by offering a variety of deductibles (the level of claims after which the medical stop-loss benefits become payable). Fully Insured Health Products The Company sells group major medical INSURANCE. including consumer-directed health plans (CDHPs) primarily to small employers (two to 50 covered lives). IHC markets this product in the majority of states. It is fully insured major medical coverage that is principally designed to work with health reimbursement accounts (HRAs) and health savings accounts (HSAs). which are implemented by employers who wish to. provide this benefit as part of an employee welfare benefit plan. These plans are offered primarily as preferred provider organizations (PPO) plans. and provide a variety of cost-sharing options. including deductibles. coINSURANCE and co-payment. The Company offers a group medical plan to employers (small and large) who are contractors working on government-funded projects under the Davis-Bacon and Service Contract Acts (the Acts). much of which is associated with the United States infrastructure improvements. This plan helps contactors meet the provisions of a bona fide fringe benefit for their hourly workers as required in the Acts. IHC sells individual major medical products (STM) in 45 states. STM is designed specifically for people with transient needs for health coverage. Typically. STM products are written as major medical coverage with a defined duration. which is normally 12 months or less. Among the typical purchasers of STM products are self-employed professionals. college graduates. persons between jobs. employed individuals not eligible for group INSURANCE. and others who need INSURANCE for a specified period of time. IHC sells group and individual dental products in the majority of states. It administers the majority of IHCs dental business and is also the primary distribution source of this line of business. The dental portfolio includes indemnity and PPO plans for employer groups of two or more lives and for individuals within affinity groups. Employer plans are offered on both employer paid and employee voluntary bases. As part of the distribution of its dental products. the Company typically also offers vision. group life and short-term disability benefits. Vision plans will offer a flat reimbursement amount for exams and materials. Life plans are available on scheduled or percentage of salary basis and short-term disability is offered as a percentage of salary or flat amount. Standard Security Life writes vision policies in the State of New York on behalf of national vision providers. The Company markets major medical plans for individuals and families that include CDHP products. which are approved in the majority of states. Standard Security Life insures a limited medical policy to offer affordable health coverage to hourly. part-time and/or seasonal employees. which is approved in a majority of states. Limited medical plans are a low-cost alternative to major medical INSURANCE for those uninsured Americans who cannot afford traditional health INSURANCE. These plans also permit employees who do not otherwise have health INSURANCE to begin to participate in the healthcare system. During 2010. the Company sold student accident and student health INSURANCE (collectively. Student Medical). The student accident product is primarily offered to sports. youth. recreational and educational markets. It markets a whole life product commonly referred to as a final expense life policy. This whole life product is sold to people in the 50 to 85 years old range. Group Disability; Life. Annuities and DBL The Company sells group long-term disability (LTD) products to employers that wish to provide this benefit to their employees. Depending on an employers requirements. LTD policies cover between 40% and 90% of insurable salary; have elimination periods (the period between the commencement of the disability and the start of benefit payments) of between 30 and 730 days. and terminate after two. five or 10 years. or extend to age 65 or the employees Social Security normal retirement date. Benefit payments are reduced by social security. workers compensation. pension benefits and other income replacement payments. Optional benefits are available to employees. including coverage for partial or residual disabilities. survivor benefits and cost of living adjustments. The Company also markets short-term disability (STD) policies that provide a weekly benefit to disabled employees until the earlier of recovery from disability. eligibility for long-term disability benefits or the end of the STD benefit period. Standard Security Life markets DBL. All companies with more than one employee in New York State are required to provide DBL INSURANCE for their employees. DBL coverage provides temporary cash payments to replace wages lost as a result of disability due to non-occupational injury or illness. Policies covering fewer than 50 employees have fixed rates approved by the New York State Insurance Department. Policies covering 50 or more employees are individually underwritten. Madison National Life and Standard Security Life sell group term life products. including group term life. accidental death and dismemberment (AD&D). supplemental life and supplemental accidental death and dismemberment. and dependent life. Individual Life. Annuities and Other The individual life. annuities and other category includes INSURANCE products that are in runoff as a result of the Company’s decision to discontinue writing such products; blocks of business that were acquired from other INSURANCE companies; individual life and annuities written through Madison National Lifes military and civilian government employee division; blanket accident INSURANCE sold through a specialized general agent. and certain miscellaneous INSURANCE products. Standard Security Lifes in-force business that are in runoff include individual accident and health. individual life. single immediate annuities. disability income. accidental medical. accidental death. and accidental death and dismemberment INSURANCE for athletes. executives and entertainers. and miscellaneous INSURANCE business. Madison National Lifes runoff in this category consists of existing blocks of individual life. including pre-need (funeral expense) coverage. traditional and interest-sensitive life blocks. which were acquired in prior years. individual accident and health products. annual and single-premium deferred annuity contracts and individual annuity contracts. Article Source: reuters/finance/stocks/companyProfile?symbol=IHC
Posted on: Fri, 19 Sep 2014 11:49:37 +0000
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