Montana State Auditor John Morrison has approved the formation of a new health insurance company in the state, only the third headquartered in Montana.
Morrison said regulators have determined that Allegiance Life & Health Insurance Co., Inc., headquartered in Missoula, has the financial backing needed to start selling health insurance to businesses and individuals.
The company, under the Allegiance Plan Management Inc. brand name, has been working as a benefit administrator, mostly for larger, self-insured companies. It will now be able to sell insurance products to others.
“This new venture is going to enable us to bring the processes down to small businesses,” said CEO Dirk Visser.
The company also has offices in Helena, Billings and Portland, Ore.
Visser said the health insurance venture will add about 20 jobs to a work force of roughly 200.
“This company also means more choice for consumers and more competition in the marketplace,” Morrison said.
The state auditor said there are about 189 health insurance companies selling products in Montana.
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