The Florida Office of Insurance Regulation has ordered a British Virgin Islands-based health insurer and its affiliates to stop doing business in the state, after an investigation determined that the company was reportedly operating without a license.
The company, identified as American Assurance Underwriters Group, and affiliates Worldwide Expatriate Administrators LLC, and Worldwide Expatriate Advisors LLC, use offices in Florida and sell health insurance directly through a Web site to United States citizens and foreign nationals when they reside outside of the United States, Florida OIR said in a media release.
OIR investigators determined that the health insurance companies are underwritten by AAUG Insurance Company Ltd., which is a "captive insurance company" licensed by the British Virgin Islands that does not hold a certificate of authority from the State of Florida.
"We began investigating this company and its affiliates based on consumer inquires," said Florida Commissioner Kevin McCarty. "The office will not tolerate unlicensed companies unlawfully selling insurance products to consumers in Florida."
The companies have 21 days to challenge the office's action.