Missouri-based insurer, Individual Assurance Co., Life, Accident and Health, or IAC, is moving its headquarters from Kansas City to Edmond after re-domiciling the company in Oklahoma.
Oklahoma’s business-friendly climate and strong economy spurred the decision to move, IAC President and CEO Jim Harlin said.
“The economic base, regulatory environment and employee base in Oklahoma was more conducive to what we wanted to do,” Harlin said.
The company has about 20 employees and focuses on the senior market in the life insurance and Medicare supplement businesses.
The Oklahoma Insurance Department approved IAC’s re-domestication in Oklahoma at a hearing last week.
Oklahoma will become the company’s primary regulator, as an Oklahoma-domiciled company.
The company’s move to Oklahoma will make the state’s insurance market more competitive, state Insurance Commissioner John Doak said in a statement.
“We consider this great news for the insurance industry in our state and are thrilled that IAC has chosen to create jobs in Oklahoma,” he said.
The company has purchased a 10,000-square-foot building that was once a BancFirst branch at 3200 E Memorial Road in Edmond. The building will serve as IAC’s new corporate headquarters.
The company plans to hire new employees in Oklahoma, but Harlin said he did not know how many new jobs the company would create.
“We are going to add people based on how the business goes, we really haven’t made any predictions on that,” he said.
IAC is licensed in 43 states.