Office Welcomes New Insurer and New Jobs to Florida
TALLAHASSEE, Fla. Florida Insurance Commissioner Kevin McCarty today announced the approval of the first international insurance company to take advantage of recently signed legislation. The approval of Best Doctors Insurance Limited to operate as an offshore insurer will add high-paying jobs to Florida.
"Our whole team is grateful to Insurance Commissioner McCarty, Governor Scott, FLOIR staff and Florida lawmakers for making it possible to grow our business in Florida," noted Evan Falchuk, President of Best Doctors. "We're already off to a fast start with our Miami office, have hired a big handful of Floridians to staff it, and expect it to be a major driver in our ability to reach the Latin American insurance market."
During the 2011 session, the Office of Insurance Regulation (Office) teamed with Representative Doug Holder and Senator Chris Smith to pass legislation that would allow entrepreneurs to leverage Florida’s unique cultural and geographic demographics to help insurers expand global business opportunities. This resulted in the passage of HB 1087.
"This announcement sends a signal to international insurance carriers that Florida is open for business," said McCarty. "The passage of HB 1087 will help create an even more attractive business climate in Florida, thereby encouraging job creation and economic growth in our state that could add hundreds of jobs to South Florida over the next few years. I am pleased to welcome Best Doctors to Florida and encourage other companies to take advantage of the opportunities created by the passage of this recent legislation."
HB 1087 allows international insurers to insure foreign nationals while operating in Florida. Since these insurers will not be insuring Florida residents, they will remain under the regulatory authority of their country of domicile, and not have to file a certificate of authority application with the Office.
Founded in 1989 by Harvard Medical School professors, Best Doctors, Inc. created the subsidiary, Best Doctors Insurance Limited, which is a Bermuda-domiciled insurance company. The global company, headquartered in Boston, serves more than 30 million members in every major region of the world. Best Doctors Insurance Limited plans to operate in Miami, Florida and offer insurance to residents from countries in Central and South America.