Golden Rule Insurance Company

Golden Rule Insurance Company

Industry	Health insurance
Founded	November 16, 1940;85 years ago (1940-11-16)
Headquarters	Indianapolis, United States of America
Key people	Patrick F. Carr (CEO)
Parent	UnitedHealth Group
Website	www.uhone.com

Golden Rule Insurance Company, based in Indianapolis, is a provider of short-term personal health insurance plans in the United States. It has been a subsidiary of UnitedHealth Group since November 2003. ^{[1] [2] [3]} The company was named after the Golden Rule.

Golden Rule was closely involved in the establishment of health savings accounts (HSA) and the related tax incentives. ^[4] The company funded millions of dollars to prominent members of the Republican Party such as Newt Gingrich to support HSAs and to fight broader reform. ^{[5] [6] [7] [8] [9]}

Membership in Federation of American Consumers and Travelers (FACT) was required to buy certain insurance products. ^[10]

History

The company was founded on November 16, 1940, by Michael Andrew Rooney in his house in Lawrenceville, Illinois. ^[11]

In 1976, J. Patrick Rooney became CEO upon the death of his father. In the 1980s, he moved the company from Lawrenceville, Illinois to Indianapolis. He retired from the company in 1996. ^[12]

In 1981, the company sued the Educational Testing Service (ETS) and the Illinois Department of Insurance, claiming that the ETS examination for Illinois insurance agents discriminated against members of minority groups. The parties reached a settlement. ^[13]

In August 1991, the company announced that it would pay half of the tuition for 500 low-income children in Indianapolis. ^[14]

The company was acquired by UnitedHealth Group in 2003. ^[1]

The current CEO is Patrick Francis Carr, who started in 2012. ^[15]

References

1. "UnitedHealth to buy Golden Rule Financial". American City Business Journals . September 19, 2003.
2. "UnitedHealthcare cutting some individual health coverage". American City Business Journals . January 13, 2004.
3. Soltis, Cheryl (August 7, 2007). "Uninsured Grads Risk Finances, Future Coverage" . The Wall Street Journal .
4. "The Long March of Newt Gingrich". PBS . January 16, 1996.
5. DREYFUSS, ROBERT; STONE, PETER H. (January 1996). "MediKill". Mother Jones .
6. Johnson, Dave (October 19, 2006). "A Particularly Poisonous Front Group" . HuffPost .
7. Pear, Robert (April 14, 1996). "G.O.P. Plan Would Profit Insurer With Ties to Party" . The New York Times .
8. Chandler, Clay (December 24, 1995). "FAVORED FEW STAND TO GAIN FROM REPUBLICAN TAX CUTS" . The Washington Post .
9. Gottlieb, Martin (November 18, 1995). "Battle over the Budget - Medical Care; In G.O.P. Plan, Some See a Widening Gap Between Sick and Healthy" . The New York Times .
10. Andrews, Michelle (December 15, 2002). "Golden Rule successful in avoiding paying for breast cancer treatments". The New York Times .
11. "Golden Rule Insurance Company, inc. 1940". Historical Marker Database.
12. "Patrick Rooney; helped start accounts for medical savings". The Boston Globe . Associated Press. September 17, 2008.
13. Toch, Thomas (December 5, 1984). "Test Organization, Insurance Firm Settle Bias Suit". Education Week .
14. "IPS board Is diverse mix of citizens". Indianapolis Recorder . 31 August 1991.
15. "Patrick Francis Carr". MarketScreener.