Published: Oct 15, 2010 10:01 PM EDT
Updated: Oct 15, 2010 7:01 PM EDT

TALLAHASSEE, Fla. (AP) - Insurance Commissioner Kevin McCarty is giving a New York-based health insurer three weeks to show why they should not have their license revoked in Florida.

McCarty, the state's chief insurance regulator, on Friday charged American Medical and Life Insurance Co. with five counts of illegal activity and said they have 21 days to answer the charges or immediately stop doing business in Florida.

Just last year the company was fined $700,000 by New York officials for leaving patients with huge hospital bills despite the insurer's advertising promises to give its customers "peace of mind" for just $5 a day and promising coverage regardless of any pre-existing conditions.