Retirees who hold Atlantic Coast Life annuities face a possible freeze on taking their money out. South Carolina Insurance Director Michael Wise has asked a state court to put the insurer into rehabilitation, and a separate motion in the case asks the court to halt policy surrenders. As of the latest reports, no judge has ruled on either request.
Wise filed the rehabilitation petition on Sept. 15 in the Court of Common Pleas in Richland County, according to the Department of Insurance announcement. It covers Atlantic Coast Life Insurance Company and its reinsurer, Southern Atlantic Re. Both are indirectly owned by Advantage Capital Partners, a Miami private equity firm controlled by Kenneth King, the department says. “Filing this petition was a necessary step to protect policyholders and the broader public,” Wise said…