Sirius Settles With Fla. Office of Insurance Regulation

Sirius International Insurance Corp., a wholly-owned subsidiary of White Mountains Insurance Group, has been barred by the Florida Office of Insurance Regulation from doing business in Florida until it meets all of the licensing and eligibility provisions of the state’s Insurance Code.

Under a cease-and-desist order from May, both Sirius and IMG were barred from selling policies in Florida. White Mountains chief financial officer David Foy told the Royal Gazette the company was happy to have reached “a mutually agreeable resolution” with Florida’s insurance regulators.

The settlement comes after regulators charged one of its reinsurance units with “unfair or deceptive acts or practice” for selling health insurance policies without a license.

To clear up matters with regulators, Sirius had to pay disputed claims totaling more than $260,000, its legal fees and has waived any right to dispute the order. The order follows the company being subpoenaed in April for information on all business Sirius conducted in Florida during the last two years.

It was alleged that Sirius and managing general agency International Medical Group of Indiana, Indianapolis sold insurance without a license in Florida. Sirius sold expatriate medical coverage through an exclusive arrangement with International Medical Group, earlier regulatory documents showed.

The company said beyond the $261,000 in disputed claims that had to be met, it did not pay any fines or fees related to its settlement with Florida insurance regulators.

Foy told the Royal Gazette the company was “in the process of getting licensed” to sell insurance policies in Florida. And, he said Sirius did not have any other outstanding issues with Florida regulators, including the company being up to date with its tax payments.

Sirius was acquired by White Mountains in late 2003 and is part of its reinsurance unit, Bermuda-based White Mountains Re.

Topics Florida Legislation