MILWAUKEE, July 26 /PRNewswire/ -- Fortis Health announced today its plans
to reenter New Hampshire's individual medical insurance market. The move
comes in response to the enactment of Senate Bill 118, which becomes effective
July 2002. Fortis Health plans to reintroduce individual health insurance
products to New Hampshire residents through State Farm agents, as well as
individual agents representing Fortis Health.
Fortis Health and State Farm joined forces last year in a marketing
partnership that enables State Farm agents to sell Fortis Health Individual
Medical Insurance products nationwide.
"We are committed to offering the residents of New Hampshire the best
quality insurance products on the market and have lobbied hard to get the
bills enacted that will dramatically improve the insurance climate for its
residents," said Ben Cutler, president and CEO of Fortis Health. "But without
the help of several key members of the New Hampshire Legislature and our
colleagues at State Farm, bringing about this renewed level of consumer choice
would not have been possible. I wish to extend our thanks to them."
"This new law will, in our opinion, help bring back a competitive
individual health insurance market to New Hampshire," commented Sharon
McAuley, vice president, health of State Farm. "That's good news for our
policyholders and for all New Hampshire consumers, who can expect to see more
available and affordable health insurance options."
Several New Hampshire state officials played major roles in achieving
passage of SB 118: Sen. Arthur Klemm (R), Sen. Gary Francoeur (R), Gov. Jeanne
Shaheen (D), Insurance Commissioner Paula Rogers, Rep. John Hunt (R), Sen.
Harold Burns (R), Sen. Lou D'Allesandro (D), Sen. Beverly Hollingsworth (D),
Rep. Sheila Francoeur (R), Rep. Martha Fuller-Clark (R) and Rep. Keith Herman
(R).
Since the passage of New Hampshire's existing "guaranteed issue" law in
1994, individual health insurance rates have tripled while 29 insurers have
exited the state, with only four companies still offering health coverage for
individuals and small businesses. The new law sets up a mechanism to ensure
affordable coverage for people with serious medical problems, while allowing
insurance rates to more accurately reflect the cost of providing coverage.
The result is expected to be the reentry of insurers into the state, offering
more products at competitive prices.
About State Farm:
State Farm is the leading insurer of cars and homes in the United States,
protecting one out of every five insured cars and one out of every four homes.
The State Farm life group has the highest financial strength and claim paying
ability, and it is ranked fifth in paid-for volume for ordinary life insurance
among all United States companies. State Farm also offers customers financial
services through agents and the Internet with State Farm Bank. State Farm and
its more than 16,000 agents serve nearly 70.4 million auto, fire, life and
health policies in the United States and Canada. For more information, please
visit State Farm on the Internet at statefarm.com(R)
( http://www.statefarm.com ).
About Fortis Health:
Fortis Health is the leading developer and provider of Individual Medical,
Small Group, Short Term and Student Health Insurance products, issued and
underwritten by Fortis Insurance Company, John Alden Life Insurance Company
and Fortis Benefits Insurance Company. In business since 1892, the company
provides health insurance coverage for over one million people nationwide.
Fortis Health is headquartered in Milwaukee, Wis., and has operations offices
in Minnesota, Idaho, Texas, Florida and Ohio.
Fortis Health is part of Fortis, Inc., a financial services company that,
through its operating companies and affiliates, has built leadership positions
in a number of specialty insurance market segments in the U.S. The company has
approximately $25 billion in assets under management and is part of Fortis, an
international financial services provider active in the fields of insurance,
banking and investment. Fortis' listed companies are Fortis (B) of Belgium and
Fortis (NL) of the Netherlands.
For more information, contact Michelle Love-Johnson at 262-523-3740 or
michelle@seroka.com. Fortis Health can be found on the Internet at
http://www.fortishealth.com
SOURCE Fortis Health
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Related links:
http://www.fortishealth.com
CONTACT:
Michelle Love-Johnson for Fortis Health,
+1-262-523-3740, michelle@seroka.com , or Douglas Nadeau of State
Farm, +1-603-641-4549, douglas.nadeau.i5sf@statefarm.com
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