The Mutual Benefit Life Insurance Company had a diverse set of offerings: life, health, and annuity products available to the individual, group, and business sectors. The company was placed in rehabilitation under supervision in mid-1991 by the New Jersey Court, which later approved a Third Amended Plan of Rehabilitation on January 28, 1994. The plan, implemented on April 29, 1994, provided for the transfer of most of Mutual Benefit’s assets and insurance liabilities to Mutual Benefit Life Assurance Corporation (MBLLAC).
In 1999, MBLLAC’s individual life insurance and individual and group annuity businesses were sold to affiliates of SunAmerica, Inc. The corporate-owned life insurance (COLI) business was sold to The Hartford.
In 1999, several other assumption transactions closed: MBL’s group flexible premium life business was assumed by Integrity Life on April 30; AETNA Life replaced MBL’s block of variable annuities in pay status in a transaction that closed on July 14; and Swiss Re fully assumed MBL’s Individual disability Income (IDI) block.
On January 12, 2000, an order for liquidation of MBLLAC was entered by the Superior Court of New Jersey. The Commissioner of Banking and Insurance of New Jersey was appointed liquidator and assumed day-to-day oversight of the operations of the company, the board of directors having been disbanded by the order. An Advisory Committee comprised of representatives of the largest remaining Class Four creditors of MBL was also appointed by the commissioner.
With respect to the transfer of its insurance and annuity businesses, MBLLAC was able to finalize two remaining open assumption transactions. The company also continued to work closely with SunAmerica on the resolution of policyholder service questions arising in connection with the transfer of MBLLAC’s individual life and group pension business to SunAmerica.
Policies of an insolvent company are often transferred to a financially sound insurance company. If policies are not transferred to another company, the policies are continued and claims administered by either the guaranty associations or a third-party administrator (TPA) working on behalf of the associations. Please contact the company/TPA listed below or the guaranty association in your state of residence for more information about your policy.
|Type of Policy||Company||Effective Date|
American General Life Insurance Company
P.O. Box 19074
|Jul 15, 1998|
AIG SunAmerica Life Assurance Company
P.O. Box 9006
|Jul 15, 1998|
Integrity Life Insurance Company
P.O. Box 5720
Cincinnati, OH. 45201-5720
|Apr 30, 1999|
|Variable annuity block||
ING Life Insurance and Annuity Company
909 Locust St.
Des Moines, IA. 50309-2899
|Jul 14, 1999|
|COLI - Corporate Owned Life Insurance Policies||
Talcott Resolution Life and Annuity Insurance Company
1 Griffin Road North
Windsor, CT. 06095
|Nov 01, 1998|
|Disability Income Policies & Group Life Policies||
Swiss Re Life & Health America, Inc.
P.O. Box 749001
Dallas, TX. 75374-9001
|Aug 20, 1999|
Guaranty association coverage is coordinated on a state-by-state basis, with coverage usually being provided by the association in your state of residence, regardless of where you purchased your policy. Policyholders should contact their state guaranty association with any questions they have about their policies. The drop-down menu below will take you to your state association's Web site, which provides answers to frequently asked questions and contact information.
The liquidator, by court order, becomes the sole owner of the company's assets and administers the estate of the company.
If you are unsure whom to contact with your questions, please e-mail us here, and we will forward your message to the appropriate party.
NAIC Number: 66362
An NAIC number is a five-digit number assigned to every insurance company by the NAIC (National Association of Insurance Commissioners). Because each company has its own unique number, the NAIC number can be used to identify a particular company.
Domiciliary State: New Jersey
The domiciliary state is the state in which an insurance company is incorporated or organized.
Rehabilitation Date: July 16, 1991
Liquidation Date: November 03, 1993
Estate Closed: June 30, 1999