Bermuda Insurer Approved to Cover Foreign Nationals in Florida

Bermuda-based Best Doctors Insurance Ltd. has become the first international company to take advantage of the states new rule that allows international carriers to insure foreign nationals working in Florida.

The Florida Office of Insurance Regulation announced Wednesday the offshore insurer would operate a Miami office, offering insurance to people from Central and South American countries.

In the spring, the Legislature approved HB 1087, sponsored by Rep. Doug Holder, R-Sarasota, and Sen. Chris Smith, D-Oakland Park, which was designed by the state office to help insurers expand global business.

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, Florida Insurance Commissioner Kevin McCarty stated in a release.

Under HB 1087, the foreign insurers remain under the regulatory authority of their country of domicile and dont have to file a certificate of authority application with the state office.