Commissioner Causey issues statement in NC Mutual Decision – InsuranceNewsNet

RALEIGH, North Carolina, October 29 — The North Carolina Department of Insurance issued the following statement on October 28, 2022:

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NC Insurance Commissioner Mike Causey today issued the following statement in response to Thursday’s decision in United States District Court against former North Carolina Mutual manager Bradley Reifler.

“For more than 125 years, NC Mutual has weathered countless storms, but it could not survive At Mr. Reifler’s fraud. His crimes left the company in dire financial straits and proved to be the nail of death for NC Mutual. While Reifler was not the only person to participate in this scheme, he was certainly a key participant for his own personal gain, which caused great harm to many people.

“The economic consequences of his actions will be felt by state guarantee associations, other insurance companies and ultimately taxpayers. Innocent people will have to foot the bill, but we will work to ensure that the claims of NC Mutual policyholders are settled appropriately.

“This decision was a clear signal to those who would seek to compromise North Carolina insurance companies and threaten the interests of their policyholders for their own gain, to know that their crimes will be investigated, prosecuted and punished.”

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