Florida Insurance Regulators Order Immediate Cessation of The Wave Insurance Operations

Florida's insurance regulators have ordered Hydrogen Deep LLC, known as The Wave Insurance, to stop operations immediately amid allegations of unlicensed activities.

This action stems from a market conduct investigation by the Florida Office of Insurance Regulation and the Florida Department of Financial Services. Regulators found the company involved in selling insurance, processing premiums, issuing binders, and not settling claims—all without proper legal authorization. Florida Insurance Commissioner Mike Yaworsky emphasized the potential dangers these unauthorized operations pose to public welfare.

The Allegations in Detail

Christopher Jason Brossett, the owner of Hydrogen Deep, was arrested in June on charges of grand theft and operating as an insurer without valid credentials. Additionally, Brady Allen Howard, associated with The Wave Insurance, was detained in July for allegedly conspiring with Brossett to engage in these unauthorized business activities. The investigation identified that Brossett and Howard focused on watersports and marine-livery businesses around Destin, processing insurance transactions under various business names. Authorities assert they collected over $100,000 in premiums, which were diverted for personal use.

Regulatory Context and Industry Impact

The order underlines the risks these activities present to public health and safety, mandating the cessation of The Wave Insurance's business operations in Florida. This represents a continuation of regulatory actions against non-compliant insurers in the state. Earlier this year, a similar order was issued to American Dream Auto Protect for operating without proper authorization. The Florida Office of Insurance Regulation advises consumers and businesses to verify the licensure of insurers and agents before entering transactions, underscoring the importance of financial oversight to avoid being left without coverage.