Independence Holding Company is a holding company engaged principally in the life and health insurance business through its wholly owned subsidiaries, Standard Security Life Insurance Company of New York (Standard Life), Madison National Life Insurance Company, Inc. (Madison Life) and their subsidiaries. Standard Life is licensed as an insurance company in all 50 states, the District of Columbia, the Virgin Islands and Puerto Rico. Madison Life is licensed to sell insurance products in 46 states, the District of Columbia and the Virgin Islands, and is an accredited reinsurer in New York. In November 2002, SoftNet Systems, Inc., a provider of two-way broadband satellite connectivity, acquired First Standard Holdings Corp. from the Company.