Florida Governor Jeb Bush Signs Into Law Landmark International Insurance Legislation
MIAMI - May 27, 2005 - Florida Governor Jeb Bush yesterday signed into law landmark legislation that paves the way for foreign insurance companies to sell life insurance and annuity contracts from Florida to non-U.S. residents. The legislation, which was unanimously approved by both the Florida House and Senate in April, will take effect on July 1, 2005.
"Florida has taken the lead in adopting legislation that can create thousands of new, high-paying jobs in Florida while elevating Florida’s stature as an international insurance center," said Shutts & Bowen Senior Partner Bowman Brown, who originated the idea as Chairman of the Beacon Council Financial Services Task Force, Miami-Dade County’s public/private economic development agency.
"An economic study conducted by the Beacon Council estimated that this new law could generate up to $2.7 billion annually through the sales of one million family policies when the administrative work is conducted in Florida." Brown said. "News of this legislation already has attracted a great deal of interest from major international insurance companies and providers of international financial services in South Florida."
Governor Bush was scheduled to hold a signing ceremony in Miami today in the presence of the bill’s supporters, which include Brown, other members of the Beacon Council, the Florida International Bankers Association (FIBA), the Greater Miami Chamber of Commerce, the City of Coral Gables, and Florida legislators. The legislation was sponsored by Senators Rudy Garcia and Gwen Margolis in the Senate and Representative Marcelo Llorente in the House. Other supporters include the Broward Alliance; Mike Carricarte, Chairman of Amedex insurance in Miami; Tom Cornish, President and CEO of Seitlin insurance in Fort Lauderdale; and Jack Lowell, Vice Chairman of Codina Realty Services, Inc.
Brown, a Miami attorney who chairs the Financial Services Industry Practice Group of Shutts & Bowen LLP, helped draft the bill and shepherd it through the Legislature. He predicted that the new law could have the same type of economic impact as laws passed in the late 1970’s that eased restrictions on foreign-owned banks and established Florida as an international banking center.
The legislation makes it easier for qualified offshore insurance companies to conduct business here in Florida that is aimed at serving non-U.S. residents. The new law eliminates the requirement that foreign insurers obtain a certificate of authority from the Florida Office of Insurance Regulation to sell life insurance policies and annuity contracts to non-U.S. residents. "In addition to authorizing the sale of offshore insurance products to non-U.S. residents from Florida, the new law will facilitate the establishment of support operations in Florida by offshore insurers," Brown explained.
Proponents worked with the Florida Office of Insurance Regulation to build consumer safeguards into the legislation, Brown said.
Brown noted that the new law would appeal to U.S. insurance companies with offshore affiliates; foreign insurers based in the United Kingdom, Bermuda and Canada; and other international financial services providers with an existing presence in South Florida.
Founded in 1910, Shutts & Bowen LLP has offices in Miami, Fort Lauderdale, West Palm Beach, Orlando, Tallahassee, London and Amsterdam. One of Florida’s oldest and largest law firms, Shutts & Bowen currently employs more than 170 attorneys.
Distributed By:
WRAGG & CASAS Public Relations, Inc.
1000 Brickell Avenue, Suite 400
Miami, Florida 33131
Toni Splichal
Ph: (305) 372-1234
Fx: (305) 372-8565
[email protected]
For information contact:
Toni Splichal
Wragg & Casas
(305) 372-1234
[email protected]
or
Mary Ann Connors
Shutts & Bowen LLP
(305) 358-6300
USBA Names New President/CEO
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News