Bermuda-based Validus Reinsurance Ltd. has been signed as the 20th foreign company to offer reinsurance by the Florida Office of Insurance Regulation.

Florida allows ceding insurance companies to receive full credit on their financial statements for reinsurance purchased from non-U.S.-based reinsurers that are highly rated and financially sound.

Validus reported capital and surplus of $3.3 billion on its year-end financial statement, exceeding the states $250 million requirement, according to the OIR.

A pair of Miami-Dade men collectively face up to 340 years in jail after being charged with fraudulently billing more than $1.5 million in personal injury protection claims to insurance carriers, the office of Chief Financial Officer Jeff Atwater announced Friday.

Robbie N. Chamoun, 30, and Nazih Boulos Chamoun, 74, owners of Sky Imaging in North Miami Beach, have been accused of operating an unlicensed accident clinic and grand theft.

Violations of the states Do Not Call list, people seeking contributions, and landlord-tenant issues continue to dominate the complaints received at the Department of Agriculture and Consumer Services.

More than 4,800 complaints were filed by consumers in July to the 1-800-HELP-FLA consumer hotline, during which time the department also received 35,026/39,394 calls and 4,049/11,641 emails for consumer assistance and information.

The Navy Federal Credit Union, in announcing 700 new jobs, is the first company picking up $680,000 through a legislative act directed at assisting businesses along areas of the Florida Panhandle impacted by the 2010 Deepwater Horizon spill.

Navy Federal Credit Union in the Pensacola area is receiving the funding through the Industry Recruitment, Retention & Expansion Fund Grant Program, administered by the University of West Florida Office of Economic Development and Engagement.