Health Insurance Captive Ordered to Stop Selling in Florida

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.