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.