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Press Release

Florida Office Of Insurance Regulation Issues Immediate Final Order
Tuesday, August 02, 2005
Contact:   Beth Scott
                850/ 413-2515
 
Tallahassee – Florida Insurance Regulation Commissioner Kevin McCarty issued an Immediate Final Order to Global Property & Casualty, Inc., Global Property & Casualty, Inc. and A. Weintraub  to immediately cease operations in Florida.
 
The Commissioner issued the Order after receiving a referral from the Chief Financial Officer. The Office investigated a complaint that Global Insurance has been soliciting Florida insurance agents to request quotes for wind coverage for homeowners. The companies are not authorized to transact insurance in the state and are not registered as surplus lines carriers.
 
The respondents violated Florida Statutes and unlicensed insurance activities constitute an imminent and immediate threat to the health, safety and welfare of the residents of Florida.
 
In issuing the cease and desist order, Commissioner McCarty urged all Florida businesses and consumers to make sure any company selling insurance products are authorized to operate in Florida. "Unauthorized entities cause a financial drain on the marketplace and give consumers a false sense of security. The Office will vigorously prosecute cases involving these fake insurers."
 
The Office recommends consumers contact the Department of Financial Services to "Verify Before You Buy" prior to any transaction.  Consumers and agents are urged to call the department's consumer helpline at 1-800-342-2762 or visit www.fldfs.com to be sure an insurance company is authorized to conduct insurance business in Florida.
 
 
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