Florida shuts unlicensed insurer

Sun-Sentinel
5-15-02

State regulators have ordered New York-based Vanguarde Asset Group to stop writing health insurance in Florida and to notify policyholders they need to obtain replacement insurance. Also, agents and brokers who sold Vanguarde products must offer to place their clients in a comparable plan offered by a licensed insurer, Insurance Commissioner Tom Gallagher said.

This is the sixth shutdown of an unlicensed insurer since February 2001. Investigators do not know how many Floridians bought Vanguarde products, but they believe the number is smaller than the other companies put out of business in the state.