North Carolina Mutual Life Insurance Company (NC Mutual), based in Durham, North Carolina, was founded in 1898 and offered life insurance, accident and health products to individuals and groups, as well as annuity products. On December 3, 2018, NC Mutual was placed into rehabilitation with the consent of NC Mutual’s Board of Directors. Although the rehabilitation proceedings were initially confidential and sealed by court order, on February 1, 2019, an order was entered to unseal the court file. Among other things, the Rehabilitation Order includes a moratorium on surrenders and loans subject to a case by case review.
According to its 12/31/2017 Annual Statement, Schedule T reflects NC Mutual is currently licensed in 23 states. In addition, premiums were received in 27 other states (plus PR and US Virgin Islands).
The NC Department of Insurance indicates in its FAQs that the most significant issue currently impacting NC Mutual is a reinsurance transaction in which the assets securing the transaction were misappropriated by the investment manager. NC Mutual is attempting to recover these assets through all means available, including litigation. Until these assets are recovered and NC Mutual’s financial condition is stabilized, the NC Mutual will remain in Receivership for the protection of policyholders and other creditors.
NAIC Number: 67032
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: North Carolina
The domiciliary state is the state in which an insurance company is incorporated or organized.
Rehabilitation Date: December 03, 2018
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.