A recent regulatory action against a Delaware domiciled TPA (“Company”) demonstrates the importance for companies to be properly licensed with state insurance regulators where they are conducting business.
In June 2017, the Florida Office of Insurance Regulation (“OIR”) denied an application submitted by the Company’s parent for licensure as a TPA based on the OIR’s determination that all information required to process the application had not been provided. In June 2017, the denial was appealed with the Florida Division of Administrative Hearings to preserve all rights. On October 4, 2017, the OIR withdrew its prior denial of the TPA license application.
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