By Elliott Francis
State regulators in Virginia want to stop the nation's oldest black-owned insurer from doing business in that state.
The State Corporation Commission reports the North Carolina Mutual Life Insurance's surplus dropped by more than a third in the past year. That, according to the commission, puts the company's finances at a hazardous level, leaving it too close to the minimum required by law. In response, the Durham, N.C.-based company says it is working to raise capital and boost its overall balance sheet.
The commission recommended suspending the company's license. Meanwhile, Mutual Life has asked for a hearing on the matter.