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.
Gregor Gregory, president of AAUG, spoke in September about the licensing issues and other regulatory issues associated with global health insurance products in Orlando, Fla., at a conference organized by the Self-Insurance Institute of America Inc., Simpsonville, S.C.
Gregory and a lawyer talked about “understanding the needs/requirements for medical licenses for health insurance products globally and being aware of grey market products,” according to a conference guide.
Gregory has a bachelor’s degree in international finance from Northeastern University, according to a biography on the SIAA website.
Gregory has worked for Fidelity Investments, Boston, and John Alden, which is now a unit of Assurant Inc., New York, according to the biography.
“Later, Gregor founded Global Risk Alternatives to underwrite risks in the Latin American market,” according to the biography. “In 2001 Gregor became President of American Assurance Underwriters Group, which has expanded into owning insurance companies in several different Latin markets.”
In 2002, Gregory talked about the challenges facing international insurance marketers at a conference in San Francisco that was organized by the Society of Actuaries, Schaumburg, Ill.