WASHINGTON, Jan. 24 -- The Democratic Congressional Campaign Committee issued the following news release:

As CNN aptly put it today, Congressman Tom Price's shaky nomination is yet again riddled with "more red flags" - this time for failing to disclose late taxes and misrepresenting the value of stock holdings as part of a deal that is being scrutinized as potential insider trading. The Washington Post also dug into his ethics issues yesterday, saying that the "HHS nominee's mix of investments, donations, legislation keeps raising questions".

The scandalized Price has already been facing what looks like textbook pay-to-pay politics. As CNN reported last week, Price invested directly in a medical device company less than a week before he introduced legislation that would help pad the profits of the company, and therefore line his own pockets. Last month, the Wall Street Journal reported on the hundreds of thousands of dollars in healthcare stocks that Price bought while advocating legislation that could affect those companies' profits.

Price's potentially illegal - and certainly unethical - behavior further taints this Republican-led #CorruptCongress and has put Congressman Chris Collins' "stock tips" in the cross-hairs. As was harshly criticized at the time and in Price's hearing today, the House Republicans' first priority of the 115th Congress was to gut the only independent House watchdog, making it clear that they are focused on building a wall between their shady dealings and special interest favors, and the American people. Unfortunately for Republicans, Price's and Collins' stock scandals are not likely to go away anytime soon.

"The Republican-led Congress is off to a dubious start, from potentially illegal stock dealings between Republican members, to secret efforts to gut the independent House ethics watchdog, to repeated refusals to investigate President Trump's conflicts of interests," said DCCC Spokesman Tyler Law. "The American people deserve an immediate bipartisan investigation to ensure that Price and Collins did not break any laws or violate any ethics rules."

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Virginia became the third state to address growing concerns about Atlantic Coast Life Insurance Co.'s financial health. In a settlement revealed Friday, Atlantic Coast has agreed to stop writing new insurance business in Virginia starting Nov. 1.

The insurer faces rehabilitation proceedings in South Carolina over its financial condition. Florida also suspended Atlantic Coast from writing new policies in the Sunshine State.

The Virginia State Corporation Commission approved the settlement Thursday, accepting the South Carolina-domiciled insurer’s offer to halt new business without admitting or denying the state’s allegations that it is in a hazardous financial condition.

The commission’s Bureau of Insurance alleged that a review of Atlantic Coast’s financial filings over the previous 12 months showed the company was in a hazardous financial condition under Virginia law.

Under the order, Atlantic Coast Life cannot issue new insurance contracts or policies in Virginia beginning Nov. 1. Its agents must also stop transacting new business on the insurer’s behalf until the commission issues further orders.

The company may continue renewing existing policies that are guaranteed renewable or noncancellable. It also must continue paying claims and servicing policies in force in Virginia or covering Virginia residents.

The settlement leaves open the possibility of changes before the restrictions take effect. Atlantic Coast Life and the Bureau of Insurance must confer before Nov. 1 to determine whether developments in mediation with the South Carolina Department of Insurance or other events warrant reconsideration of the order.

Bloomberg: Oaktree deal off

In other Friday developments, Bloomberg reported that a deal announced earlier this year between Advantage Capital Holdings, parent of Atlantic Coast Life, and Oaktree Capital Management is off.

A-Cap announced the deal in March for Oaktree to acquire a controlling stake in Atlantic Coast, while also providing capital to Sentinel Security Life Insurance Co. Oaktree is no longer pursuing the deal, Bloomberg reported.

In a statement to InsuranceNewsNet, an A-Cap spokesperson said, "We are continuing to work constructively with Oaktree on a transaction structure that will meet the approval of the South Carolina Department of Insurance.”

Three developments cited

The Virginia commission identified three developments that could justify proposed modifications: Withdrawal of South Carolina’s rehabilitation petition; a capital raise of at least $50 million at Advantage Capital Holdings with agreed-upon amounts contributed to the insurer; or the filing of a Form A seeking to transfer control of Atlantic Coast Life to a new owner.

The bureau did not commit whether it would support any proposed changes.

Atlantic Coast waived its right to a hearing and submitted its settlement offer in an Oct. 6 letter signed by Chief Legal Counsel and Secretary Jill Gettman. The commission retained jurisdiction over the matter and may initiate a show-cause proceeding or take other action if the company fails to comply with the order.

The Virginia action adds to regulatory pressure on Atlantic Coast Life. South Carolina regulators have petitioned to place the insurer and its subsidiary, Southern Atlantic Re, into rehabilitation.

Florida’s insurance regulator separately suspended Atlantic Coast Life’s certificate of authority, effective Sept. 30, barring it from soliciting or accepting new or renewal business in that state while requiring it to continue servicing existing policies.

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