Gaming the insurance system here a little...?

So the college I attend requires all students to have health insurance and provides their own little insurance plan that all students are forced to buy if they don't have private insurance. It's expensive and absolutely of no value to me; I don't want it but I'm forced to get it. So I had myself a... show more So the college I attend requires all students to have health insurance and provides their own little insurance plan that all students are forced to buy if they don't have private insurance. It's expensive and absolutely of no value to me; I don't want it but I'm forced to get it.

So I had myself a little idea. What if i started a legal insurance company that insures only one person, me? It exists as a legal entity only, allowing me to "have private insurance" and get out of having to pay for insurance that I don't want.

Does anyone have any knowledge about the level of difficulty and expense in creating an entity of this sort? If it's less than $1000 it's worth it as far as I'm concerned.
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