DENVER, March 13 -- Rep. Diana DeGette, D-Colo., issued the following news release:

Rep. Diana DeGette (D-CO), Chief Deputy Whip, said today's Congressional Budget Office assessment of the Republican bill to dismantle the Affordable Care Act proves that Americans would be better off if Congress works on a bipartisan basis to amend the ACA rather than jamming through a unilateral repeal.

"The truth is now plain for all to see: This Trumpcare bill will take a terrible toll, both in human and financial terms," DeGette said. "It will deprive 14 million people of insurance in its first year alone, and 24 million by 2026. Premiums will spike by 15 to 20 percent in 2018 and 2019, on top of projected increases under the current law. Deductibles will go up, as well. This bill will raise health costs on the middle class while giving tax breaks to the very wealthy, while pushing working families out of health coverage altogether.

"Rather than jamming this bad bill through the House for a lopsided, party-line vote as the majority leadership is trying to do, we should sit down together and work on bipartisan solutions to improve what we already have."

It was only last Monday evening that House Republicans released their bill to repeal the Affordable Care Act. "The American Health Care Act" removes many of the important provisions in the ACA that have expanded coverage for millions of Americans. Less than two days later, the Energy and Commerce Committee started a marathon markup of the bill. As a senior member of the committee, DeGette helped lead the charge against this dangerous piece of legislation through nearly 28 hours of debate. Meanwhile, it quickly became clear that the House majority had belatedly requested a necessary review of the bill by the non-partisan CBO.

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REGULATION

A life insurance company, one of the investors reportedly hit by a more-than-$500 million financial fraud, must stop selling policies in Virginia, the State Corporation Commission has ordered.

The SCC Bureau of Insurance had charged that the firm, Atlantic Coast Life Insurance Co., was in a hazardous financial condition and has agreed to stop selling insurance in the state.

The bureau's action and the settlement come in the wake of South Carolina insurance regulators' petition to a state court there authorizing them to take control of the company.

Atlantic Coast had 18,709 policies in Virginia providing roughly $266 million of coverage as of Dec. 31.

In the past six months, the company's surplus — basically the money that backstops its promises to pay benefits in case its reserves aren't sufficient — has dropped from $79 million to $45 million, its latest financial filing with the bureau shows.

"Without accepting as accurate the factual allegations … This offer is being made solely for the purpose of a settlement and does not constitute, nor should it be construed as, an admission of any violation of law," Jill Gettman, Atlantic Coast's chief legal counsel and secretary, said in a filing with the bureau.

She said Atlantic Coast would continue to properly pay claims under its Virginia policies.

The ban on new sales by Atlantic Coast takes effect Nov. 1. The company can, however, renew existing policies that are guaranteed renewable or noncancellable.

The SCC order says the ban on new sales would end if South Carolina regulators withdraw their court petition seeking control of the company and, at the same time, if the insurer's parent either raises at least $50 million with an agreed amount going to support the insurer or if another company offers to acquire the firm.

South Carolina regulators want to take control of Atlantic Coast and its affiliate Southern Atlantic Re because they allege their parent company, the private equity firm Advantage Capital Holdings, moved money from retiree annuities into investments that could be easily redeemed, as well as in loans that exceeded previously agreed limits.

The South Carolina regulators said Atlantic Coast had too much money tied up with a failed investment firm, 777 Partners, and didn't disclose investments made with affiliated firms.

Advantage Capital has contested the regulators' charges.

Earlier this month, Joshua Wander, founder and former CEO of 777 Partners, pleaded guilty to wire and securities fraud in connection with a scheme to defraud the lenders and investors of 777 Partners.

Federal prosecutors said Wander defrauded investors and lenders of more than $500 million.

Prosecutors said Wander told investors they would be financing "structured settlements," contracts that turn lump sum legal settlements for damages into a series of smaller payments over time.

Instead, Wander actually invested in other things, including airlines and professional sports teams, instead of using funds to make sure structured settlements paid what they promised, prosecutors said.

The rating agency AM Best has downgraded Atlantic Coast's financial strength rating from B, fair, to C-plus, marginal.

"Current capital levels and regulatory capital ratios have deteriorated in the first six months of 2026, continuing a trend since 2024," AM Best said in a statement.

"The group has a significant allocation to illiquid assets and equities that are not traditionally associated with insurance company investments," the agency added.

Dave Ress(804) 649-6948 dress@timesdispatch.com

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