A Minnesota company says it is surprised that Sunshine State insurance regulators have asked it to stop buying life insurance policies in their state.
The Florida Office of Insurance Regulation last week issued a cease-and-desist order to Great West Growth L.L.C., Minneapolis, in connection with allegations that Great West had been buying policies in Florida without holding a Florida viatical settlement provider license.
Great West was unable to respond to the order last week, but it now has issued a statement saying that it is committed to complying with the applicable rules and regulations of all the states in which it does business.
So far, Great West still has not received official notice about the order from Florida regulators, the company says.
