Florida Moves Against Bermuda Company

Florida Moves Against Bermuda Company

By Steve Tuckey

NU Online News Service, April 26, 4:19 p.m. EDT?The Florida Insurance Department has taken action against a subsidiary of Bermuda-based White Mountains for allegedly selling insurance in the state without a license.[@@]

Steve Fass, chief executive officer of White Mountains Re, confirmed that a hearing has been set for early June on the charge of unlicensed sales against Sirius International Insurance Corp., a Swedish-based company that White Mountains acquired last year.

Mr. Fass said that Sirius is a non-admitted insurer that sells expatriate medical care coverage through a managing general agency in Indianapolis called International Medical Group.

The company sells health care policies both to U.S. citizens for when they travel or live abroad, and to foreign citizens when they come into the U.S.

Both Sirius and IMG have license applications pending before the Florida Insurance Department, and both face action from the department.

But Sirius disputes the notion that a Florida resident cannot purchase this coverage since it only takes effect once the policyholder is abroad.

"We think we have complied with all the existing laws and regulations in Florida," Mr. Fass said.

A spokeswoman for the Florida Department of Insurance said she could not comment on pending litigation.