Sunshine State OKs 2 Offshore Apps

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.