South Carolina hearing on Atlantic Coast Life policy ban postponed
January 14, 2025 by John Hilton
A hearing to decide whether Atlantic Coast Life Insurance will continue offering new policies was postponed until Wednesday, a South Carolina official said.
The hearing was to take place Friday.
Atlantic Coast is owned by Advantage Capital Partners, known as A-Cap. Claiming the insurer’s underlying financial condition is poor, South Carolina regulators banned Atlantic Coast from writing new life policies after Dec. 31, 2024.
Wink’s Moore on the Market: A hearing was about the stay in the Atlantic Coast Life Insurance Company case was set to take place Friday.
It is now postponed until Wednesday.
In granting the stay, [Judge] Anderson wrote that permitting the status quo to continue would “prevent irreparable harm” to the A-Cap insurers. During a conference call with all parties, Anderson was not convinced that the insurers are financially unsound.
Thanks for keeping us up-to-date with all the latest on the A-Cap insurers, John Hilton with InsuranceNewsNet. -sjm