Florida Insurance Commissioner Kevin McCarty has ordered captive insurer American Assurance Underwriters Group and its affiliates Worldwide Expatriate Administrators LLC and Worldwide Expatriate Advisors LLC to stop selling health insurance in Florida.
McCarty said the firms are not properly licensed.
The Office of Insurance Regulation (OIR) began investigating the firms earlier this year. OIR determined that American Assurance Underwriters Group and its affiliates had marketed, sold, and continued to market and sell health insurance products in Florida underwritten by AAUG Insurance Company Ltd. without a license. AAUG Insurance Company Ltd. is a captive insurance company licensed by the British Virgin Islands and does not hold a certificate of authority from the OIR in any capacity.
The companies have 21 days to challenge the action.
Topics Florida
Was this article valuable?
Here are more articles you may enjoy.
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
Judge Awards Applied Systems Preliminary Injunction Against Comulate 
The $10 Trillion Fight: Modeling a US-China War Over Taiwan 
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
