Bermuda-based Best Doctors Insurance Ltd. has received approval from the Florida Office of Insurance Regulation (OIR) to operate as an offshore insurer. The company will operate out of offices in Miami and offer insurance to residents from countries in Central and South America.
The company is the first international insurance company to take advantage of state law HB 1087, which allows international carriers to insure foreign nationals while operating in Florida. Because these carriers will not be insuring Florida residents, they remain under the regulatory authority of their country of domicile and do not have to file a certificate of authority application with the OIR. HB 1087 was passed in the 2011 legislative session with significant backing from Florida's Insurance Commissioner Kevin McCarty.
“This announcement sends a signal to international insurance carriers that Florida is open for business,” says McCarty. “ I am pleased to welcome Best Doctors to Florida and encourage other companies to take advantage of the opportunities created by the passage of this recent legislation.”
According to its website, Best Doctors provides health care coverage to 15 million people in 30 countries.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
