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Press Release

IMG, Sirius Reach Agreement With Office Of Insurance Regulation
Monday, September 12, 2005
Contact:   Beth Scott
               850/ 413-2515
Tallahassee –International Medical Group (IMG) and Sirius International Insurance Corporation have agreed to cease and desist from issuing health insurance coverage to Florida residents. As part of the Consent Order issued by the Office of Insurance Regulation, the companies agree to pay administrative costs, pay all valid claims in the future, to comply with all licensing provisions of the Florida Insurance Code and other provisions of the Consent Order.     

 
An agreement was reached after the Office conducted an investigation and examination and found that activities by the companies constituted transacting insurance within the state of Florida. Neither Sirius nor IMG have received a Certificate of Authority to transact insurance business in Florida and neither is eligible as a surplus lines carrier.
 
The companies paid total costs of $836,344.30, including administrative costs of $575,000 and paid claims previously denied by IMG on behalf of Sirius in the amount of $261,344.30. This agreement concludes an investigation that included information and documents covering a two-year period of time.
 
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