A new federal court ruling concerning the scope of insurance regulatory oversight could affect all players in the Florida insurance industry, a life settlement company executive says.
Alan Buerger, chief executive officer of Coventry First L.L.C., Fort Washington, Pa., was reacting to a ruling that a federal judge in Tallahassee, Fla., issued in favor of the Florida Office of Insurance Regulation, and against Coventry.
The Florida insurance office wants the authority to examine Coventry’s agreements with consumers outside Florida.
Coventry argued that, although it is licensed in Florida, Florida has the right on to review transactions that relate to Florida.
U.S. District Court Judge Stephan Mickle dismissed Coventry’s motion.
“Perhaps, the most significant aspect of the ruling, if not overturned, is that the ruling appears to include all entities regulated by the Florida Office of Insurance, including life insurance and property and casualty companies,” Buerger says.
CORRECTION: The lead in an earlier version of this article described the court that issued the records access ruling incorrectly.