The suspension stops new and renewal business
Florida insurance regulators suspended Atlantic Coast Life Insurance Company certificate of authority effective immediately in an October 1 notice. The order directs the company to stop soliciting or accepting new or renewal business in Florida. That does not mean every existing policy has automatically vanished.
The Office of Insurance Regulation says it determined the insurer was impaired and that South Carolina, its domestic regulator, had initiated rehabilitation proceedings. Florida cited those conditions in its immediate suspension. The notice is a current regulatory action, not a prediction that a particular policyholder will lose a specified amount.
Existing liabilities do not disappear
The state explicitly says Atlantic Coast must continue servicing Florida policies already in force and honor liability for losses and unearned premiums while those obligations exist. That service requirement matters for people receiving claims correspondence or wondering whether the announcement cancels their coverage.
Agents are told to halt future Florida contracts with the company. Existing customers should keep policy and payment records and consult the regulator updates for their situation. The notice does not establish a universal refund amount or authorize policyholders to replace coverage without examining the cost and consequences of that decision.