Industry
Legislation signed by Governor Jeb Bush in Miami, Florida, has opened up the market for UK insurance companies to sell life insurance and annuity contracts from Florida to non-US residents.
The legislation, which takes effect on 1 July, means qualified foreign insurers no longer need a certificate of authority from the Florida Office of Insurance Regulation to sell life insurance and annuity contracts to non-US residents. Florida is the first US state to pass this type of legislation.
Previously, it has been very difficult for non-US companies to sell insurance in Florida because of the extensive loopholes required to set up a practice.
Discussing the legislation, Bowman Brown, senior partner at Shutts & Bowen, said: "UK life insurers would be interested in setting up operations in Florida to sell and process life insurance and annuity policies to non-US residents because it would be less expensive for them to market to this target audience from a Florida base. A primary target audience for these policies is Latin Americans who frequently visit Florida," he said.
