Office Announces International Insurance Group (BUPA) to Expand its Presence in Florida
Monday, December 3, 2012
TALLAHASSEE, Fla. -- Florida Insurance Commissioner Kevin McCarty today announced the recent approval of BUPA as the second international insurance group to utilize legislation designed to enhance the attractiveness of Florida’s business climate.
BUPA is a worldwide healthcare organization and has, through its subsidiaries (Bupa Insurance (Bolivia) S.A., Bupa Ecuador S.A. Compañía de Seguros Y Reaseguros, and Bupa Mexico Compañía de Seguros, S.A. de C.V.), been approved to operate as an offshore insurer in Florida. With its main office located in Miami and employing nearly 400 workers, this presents a unique opportunity to expand business operations and create more jobs as it enters into new agreements to provide services.
For the past seven years, BUPA has maintained a presence in Florida as a domestic life & health insurer operating through BUPA Insurance Company. In 2009, BUPA expanded operations to include BUPA Insurance Limited Company, which utilizes Florida as its port of entry into the United States. BUPA was established in 1947 and offers insurance products and services throughout the world, including Latin America and the Caribbean.
"South Florida’s recognition as one of the leading global financial markets provides a compelling incentive for international insurers to take advantage of this legislation," said McCarty. "I am pleased BUPA has elected to further enhance its company’s commitment to Florida and encourage other companies to visit our state and determine whether this legislation can be a valuable alternative in strengthening their business operations.”
HB 1087 was passed during the 2011 Legislative session due to the efforts of the Governor, Commissioner McCarty and members of the Florida legislature. It allows international insurers to insure foreign nationals while operating in Florida, but without the requirement to file a certificate of authority application with the Office. Because these insurers will not be insuring Florida residents, they will remain under the regulatory authority of their country of domicile.
The first international insurer approved by the Office under this legislation was Best Doctors Insurance Limited in October 2011.