Take These steps to start a health insurance company
Start An Insurance Company or Agency
Consult with an attorney in your city and state about city, state and federal laws concerning this venture. You will need to do this BEFORE writing your business plan. Do all of your research about the cost involved, the liabilities involved, the different risks and your competition.
Register with your state. This is just like any other business; you have to register with your state department. Your attorney should be able to guide you through this process, which is why getting an attorney should be step one in this whole process.
Pay a visit to your state's insurance department. You will need to complete the application process for becoming a licensed health insurance agency in your state. Since each state has different requirements, you should visit them or call them to get these specifics. They will have a list of everything you need in order to complete the process, so you do not have to worry about missing anything. Just follow their checklist.
You will also need to apply for a Uniform Certificate of Authority certification or UCAA. This allows you to be able to submit your licensing application in different states simultaneously. You can apply for the UCCA certification at the same time you apply for your licensing.
Register with the National Insurance Producer Registry, or NIPR. Some people thing of the NIPR as a credit bureau for health insurance companies and agencies. Being registered with the NIPR means that the regulators can easily find you.
You will also need a National Association of Insurance Commissioners or NAIC number. This number allows consumers to verify your license. It is on every piece of paperwork from your health insurance company to your insured. Without this number, you cannot do business legitimately.