MINNEAPOLIS-Rep. Keith Ellison (D-MN) released the following statement after House Republicans passed the American Health Care Act:

"In their first major vote under President Trump, House Republicans pushed through a bill that will increase insurance premiums and deductibles, slash hundreds of billions of dollars from Medicaid, and leave millions of working people without affordable healthcare coverage - to finance a $1,000,000,000,000 tax cut for the top 2% of households. Everyday Americans will be forced to pick up this tab, and they'll pay for it with their health, their security, and in some cases, with their lives.

"Calling this bill the "American Health Care Act" is a cruel irony - 24 million Americans will likely lose their coverage. Hundreds of millions of people who get their insurance through their employer could see their plans slashed. Seniors and people with pre-existing conditions will be priced out of their insurance plans. And as many as one million Minnesotans who have received affordable care through the expansion of Medicaid, essential health benefits, or the exchange will be worse off.

"This vote is a message to every American who has ever struggled to pay for healthcare. For once, Republicans are being candid.

"To the expecting mother whose insurance won't pay for her maternity care and delivery because her state was granted a waiver on covering essential health benefits, Republicans say: perhaps you shouldn't have gotten pregnant.

"To the parents in Minneapolis working multiple minimum wage jobs with no employer health benefits and relying on Medicaid to pay for their children's checkups, Republicans say: you may have to choose between your children's health and paying your rent.

"To the person born with a chronic illness, like my constituent Michael, born without eyes, who relies on Medicaid to help him live in his community, Republicans say: pull yourself up by your bootstraps.

"And to every single Minnesotan who has gotten insurance because of the Affordable Care Act, Republicans say: if you can't afford to pay for health insurance yourself, you can't afford to live a healthy life.

"In the Declaration of Independence, Thomas Jefferson wrote about 'Life, Liberty, and the Pursuit of Happiness.' There's a reason life comes first. It's hard to experience liberty or enjoy the pursuit of happiness if you aren't healthy enough, or even alive, to do it.

"I've never thought healthcare should be a product to be bought and sold, taken for granted by some and out of reach for many, many others. Healthcare should be a right granted to every person. And while Republicans clearly don't agree, we won't stop fighting for working families - we never will."

Read this original document at: https://ellison.house.gov/media-center/press-releases/rep-ellison-statement-on-republican-health-care-reform-bill

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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