North Carolina Department of Insurance: Commissioner Causey Issues Statement in NC Mutual Ruling

RALEIGH, North Carolina, Oct. 29 -- The North Carolina Department of Insurance issued the following statement on Oct. 28, 2022:

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N.C. Insurance Commissioner Mike Causey issued the following statement today in response to Thursday's ruling in U.S. District Court against former North Carolina Mutual manager Bradley Reifler.

"For over 125 years, NC Mutual weathered countless storms, but it could not survive Mr. Reifler's fraud. His crimes left the company in a dire financial condition, and proved to be the death nail for NC Mutual. While Reifler wasn't the only person participating in this scheme, he was certainly a key participant for his own personal gain, which has caused great harm to many people.

"The economic consequences of his actions will be felt by state guaranty associations, other insurance companies, and, ultimately, taxpayers. Innocent people are left to pick up the tab, but we will work to ensure NC Mutual's policyholders' claims are appropriately settled.

"This ruling was a clear signal to those who would seek to jeopardize 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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Original text here: https://www.ncdoi.gov/news/press-releases/2022/10/28/commissioner-causey-issues-statement-nc-mutual-ruling