SC regulators file to take over Charleston insurance companies, alleging high-risk debts

SC regulators are seeking an emergency takeover of a retirement-focused insurance firm the agency argues is at risk of defaulting on customer payouts.

By: Jessica Holdman

Outlets: South Carolina Daily Gazette

Published: September 18, 2026

Words: 1,369

Last Updated: 4 hours, 10 minutes ago

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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 …

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