COLUMBIA — South Carolina regulators are seeking an emergency takeover of a retirement-focused insurance firm the agency argues is at risk of defaulting on customer payouts.
The state Department of Insurance filed suit in Richland County this week to take control of Atlantic Coast Life Insurance until the company turns around its investment portfolio.
In court filings, the agency said the company overextended on high-risk, underperforming investments beyond what state law allows. If these ventures fail, as many as 50,000 customers who rely on the company for retirement income could lose their life savings. It could also affect more than 100,000 funeral and life insurance policyholders from the legacy arm of the business…