Hello all,
I received the following in my email, but it was filtered to my Junk Mail folder. Having once been a Florida resident (and will be again soon), this piqued my curiosity. After reading the contents of the email, I went to the FL Dept of Financial Services website (I typed the URL in myself) and verified that this was in fact true.
So I thought I would send out this warning to any Florida residents (mostly in the Miami area) who may have purchased insurance through this company, especially since we are in the height of the hurricane season.
The text of the email is as follows (it was directed to Insurance Sales Agents):
*agent alert*
Reminder to beware of unlicensed entities selling insurance
The Department of Financial Services recently warned agents that it had received reports of an unlicensed entity, Global Insurance Group, Inc. (a Delaware corporation headquartered in Aventura, FL) aggressively advertising the lowest windstorm insurance rates in Florida. On August 1, the Office of Insurance Regulation issued an Immediate Final Order to Global. It, among other things, ordered Global to cease conducting unauthorized insurance business in Florida.
On August 25th, Division of Insurance Fraud detectives arrested Allen E. Weintraub in Miami. He was charged with 45 counts of grand theft, 45 counts of transacting insurance without a certificate of authority, and one count of organizing a scheme to defraud. Weintraub set up Global Insurance Group and Global Property & Casualty, Inc., used licensed agents to sell the potentially worthless insurance to at least 45 Florida homeowners and businesses, and collected more than $100,000 in premiums.
If you placed any clients with Global, you should obtain credible replacement coverage for those clients immediately.
As an insurance agent in Florida, you are one of the front lines of defense to protect Florida's consumers from unauthorized insurance companies. While unauthorized insurers may initially offer cheaper premium rates and higher commissions, they are not authorized to sell policies in Florida, have not been scrutinized for legitimacy, nor have they proven that they have adequate reserves to pay claims timely. If an unauthorized insurer does not pay a claim, the agent that sold it is liable to that insured for the amount of the unpaid claim (626.901, F.S.). Additionally, agents may be fined, have their licenses suspended or revoked, and face criminal investigation. Aiding and abetting an unauthorized insurer is a 3rd degree felony.
Another unlicensed entity agents are reminded to avoid is International Water Safety Foundation, a Quebec, Canada firm. The company also does business as International Water Marine Safety Foundation, International Marine Safety Foundation, and North American Marine & General Insurance Company, LTD.in October the Office of Insurance Regulation ordered the entities to cease claiming to be an insurer, transacting new or renewal business, and collecting premiums in the state of Florida. The Department's monitoring of International Water Safety Foundation and related entities is ongoing, to detect any activity in violation of the Order.
Agents with any information about Global, Weintraub, International Water Safety Foundation, or any other unauthorized entity selling insurance in Florida should contact the Department at [email protected]. To check on the license status of a company at any time, you should visit www.fldfs.com and click on Verify Before You Buy, or call the Department of Financial Services' Helpline at 1-800-342-2762.
End of email.
If you think you may have purchased insurance from this company, then please check with your insurance agent (or contact the FLDFS directly) and make sure you are properly covered.
Let's all pray that the remainder of the year is not a repeat of last year. Stay safe!
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