North Carolina Insurance Commissioner Mike Causey today announced that the Wake County Superior Court has approved the petition to liquidate North Carolina Mutual Life Insurance Co. (“NC Mutual”) effective Oct. 31.
Founded in Durham in 1898 as North Carolina Mutual and Provident Association, NC Mutual was once one of the largest African American owned insurance companies in the United States. NC Mutual wrote business in 48 states and the District of Columbia and has approximately 241,500 policyholders. The company ceased writing new business in 2016. On Dec. 3, 2018, NC Mutual was placed into rehabilitation and a moratorium on surrenders and loans became effective.
“I have tremendous respect for the role NC Mutual played in providing insurance products to North Carolina citizens for over 100 years,” Commissioner Causey said following the court’s order. “However, my No. 1 priority as Insurance Commissioner is protecting policyholders. The court’s order of liquidation helps to further that priority by ensuring that the policyholder claims continue to be paid.”
During liquidation, each state’s life and health insurance guaranty association will meet policyholder obligations, subject to each state’s statutory coverage limitations and conditions. State life and health insurance guaranty associations were created to protect state residents who are policyholders of failed life and health insurance companies. Policyholders can find information regarding the life and health insurance guaranty association in their state by visiting www.nolhga.com.
A copy of the order of liquidation can be found on the North Carolina Department of Insurance’s website at https://www.ncdoi.gov/insurance-industry/regulatory-actions-receiverships. Please check the website for additional information and updates.
Claim submissions should continue to be sent to:
P.O. Box 281709
Nashville, Tenn. 37228
Attn: Claims Department
Policyholders with questions about policies or claims should call:
(800) 626-1899 (toll free)
Monday – Thursday 8:30 a.m. to 5 p.m. Eastern Time.
Friday 8:30 a.m. to 12:30 p.m. Eastern Time.