The Florida Office of Insurance Regulation is starting to implement a new law that lets foreign insurers use Florida as a base for selling insurance to consumers outside the United States.
Lombard International Assurance S.A., Senningerberg, Luxembourg, a unit of Friends Provident P.L.C., and Investlife Luxembourg S.A., Hesper, Luxembourg, a unit of BNP Paribas S.A., both have received permission from the Florida insurance office to set up offshore operations in Florida, according to Bowman Brown, a Miami lawyer who lobbied for the creation of Florida’s international insurance law.
At least 3 more insurers are preparing applications, Brown says.
The law permits foreign insurers to use offices in Florida to operate life insurance and annuity sales and administrative operations without getting a full-fledged certificate of authority from Florida regulators.
International insurance program supporters are hoping that the new law will create insurance jobs in Florida while helping foreign insurers do business more cheaply than they could in Europe, Bermuda or the Cayman Islands, Brown says.