North Carolina Mutual Life Insurance Company | NC
Company Overview
North Carolina Mutual Life Insurance Company (NCM), based in Durham, North Carolina, was founded in 1898 and offered life insurance and annuities as well as accident and health products to individuals and groups. On December 3, 2018, NCM was placed into rehabilitation with the consent of the company’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 included a moratorium on surrenders and loans subject to a case-by-case review. Don Roof of Examination Resources, Inc., was appointed Special Deputy Receiver (SDR). According to Schedule T of the company’s 2019 Annual Statement, NCM was licensed in 23 states. There are 25 affected guaranty associations.
On September 24, 2021, the Commissioner filed a petition for liquidation with a finding of insolvency. The guaranty associations began to prepare in anticipation of a liquidation order by arranging for a Service Agreement and Early Access Agreement with the Liquidator. The Receivership Court scheduled a hearing on December 20, 2021, to consider the liquidation petition, but that hearing was delayed to 2022.
On October 11, 2022, a hearing took place regarding the petition filed by the Receiver for an order of liquidation with a finding of insolvency. The order was drafted with an effective date of October 31, 2022. The Service Agreement with the Liquidator was implemented, and affected guaranty associations have been funding claims and continuing benefits of NCM policyholders.
For more information and documents regarding the NCM receivership, access the North Carolina Department of Insurance’s Receivership page here. If you have questions not addressed there, please call the offices of North Carolina Mutual at 1-800-626-1899 (toll-free) or email [email protected].
Company Details
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
Liquidation Date: October 31, 2022
Contact Information
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 button below will take you to a page where you can search for 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.
Frequently Asked Questions
What Happens When an Insurance Company Fails?
General Information about Guaranty Association Coverage