Florida Insurance Commissioner Mike Yaworsky on Monday issued an immediate cease-and-desist order against Hydrogen Deep LLC, doing business as The Wave Insurance, after state regulators said the company operated without the required insurance license.
The Florida Office of Insurance Regulation (OIR) said market conduct examinations conducted with the Department of Financial Services found that the company and its operators solicited customers, provided insurance quotes, collected premiums, issued insurance binders and certificates and entered into insurance contracts without proper authorization.
According to OIR, Christopher Jason Brossett, owner of Hydrogen Deep, was arrested by the Okaloosa County Sheriff’s Office in June on charges including grand theft while acting as an insurer and transacting insurance without a certificate of authority or license.
Brady Allen Howard, identified as the owner of The Wave Insurance, was arrested in July on allegations that he conspired with Brossett to commit grand theft and operate without proper authorization.
Regulators said the pair solicited watersports and marine-livery businesses in the Destin area and collected more than $100,000 in premiums. OIR alleges the funds were diverted for personal use and that some claims were not paid.
“Operating without a required license and soliciting consumers is not only unacceptable, but it can also cause immediate danger to public health and safety. My office works hard to alert consumers of unlicensed activity and will aggressively investigate any report of insurance companies operating without a proper license,” Yaworsky said.
