Contact Shepherd Smith Edwards and Kantas To Explore Your Legal Options

The South Carolina Department of Insurance has petitioned state court to place Atlantic Coast Life Insurance Company into rehabilitation following severe financial concerns, including allegations that tens of millions in unrated collateral loans were misreported as investment-grade bonds. Securities law firm Shepherd Smith Edwards and Kantas is offering free ase consultations to policyholders to assess whether their brokers unsuitably recommended these high-risk, illiquid annuities for high commission payouts.

The South Carolina Department of Insurance has filed a petition with a state court to place Atlantic Coast Life Insurance Company and its reinsurance affiliate Southern Atlantic Re into rehabilitation. The state’s insurance department is trying to gain control of the two insurers from owner Advantage Capital (A-Cap).

There are growing concerns related to the companies’ finances, including tens of millions of dollars in reported investment-grade bonds that the state contends “should have been reported as unrated collateral loans.” Atlantic Coast Life Insurance Company annuities and preneed life insurance policies are sold through independent broker-dealers and other professionals.

Shepherd Smith Edwards and Kantas (investorlawyers.com) is offering free case consultation to Atlantic Coast Insurance investors to determine whether their brokers may have unsuitably recommended these annuities to them.

What Kind of Annuities Does Atlantic Coast Life Insurance Sell?

This insurer sells fixed and fixed-index annuities that are supposed to provide capital protection and lifetime income, including:

• Accumulation Protector Plus
• Retirement Plus Multiplier
• Income Navigator Annuity
• Guaranteed Income Annuity
• Safe Haven & Safe Harbor
• Safe Anchor

Why Should Atlantic Coast Life Insurance Investors Be Worried?

In addition to being the subject of the filing by the South Carolina Department of Insurance seeking rehabilitation, Atlantic Life Coast Insurance has also been purportedly dealing with other issues, such as:

• Weak financial strength ratings.
• A higher than average level of customer complaints.
• Asset quality risks related to ownership structure.

 What Do Brokers Have To Do With Annuity Losses By Investors?

• Financial advisors can earn high commissions and fees of 7-10% for selling annuities, which can lead to themunsuitably recommending this product to customers for whom they are a bad investment choice.
• Annuities tend to be risky, illiquid products that can bring with them certain costs and tax consequences. Many annuity investors who suffer losses have told our securities law firm that their broker never fully apprised them of the risks and ramifications.
• It is not unusual for brokerage firms to fail to conduct the necessary due diligence into annuity issuers to ensure viability before selling these products to customers.

Why Talk To Our Broker Misconduct Lawyers About Your Atlantic Coast Life Insurance Annuity Losses?

• Many annuities are too risky for retail investors and conservative retirees, which means brokers should keep customers like them away from these products. Yet many of the annuity holders we represent are unaccredited and inexperienced investors.
• During your free case consultation, we can assess whether your financial advisor engaged in any type of broker misconduct or negligence, including ignoring red flags indicating your investment was in trouble.
• We are experiencedannuity loss attorneys that know how to evaluate whether unsuitability, excessive concentration, negligence, breach of contract, Regulation Best interest violations, supervisory failures, or broker fraud was involved. You want to work with a seasoned investment loss recovery claim that knows how to maximize your chances for a full financial recovery.

Find Out Whether You Have An Atlantic Coast Life Insurance Annuity Loss Claim

Call (800) 259-9010 or contact us online.