Sunshine State insurance regulators have accused a company of selling health insurance in their jurisdiction without authorization; the company says it is still waiting to see the allegations.
The Florida Office of Insurance Regulation has issued a “cease and desist” order to American Assurance Underwriters Group L.L.C., Fort Lauderdale, Fla. and 3 of its affiliates, officials say.
An insurance company affiliate, AAUG Insurance Company Ltd., has been writing health insurance for the group, officials say.
“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 Office in any capacity,” officials say.
AAUG and its affiliates have 21 days to challenge the action, officials say.
“We have not received the order and will not comment until we have had a chance to analyze it,” Roy Alvarado, a company executive, says.