The State of New Jersey
NJ Department of Banking and Insurance
search  
Home > Insurance Division > Solvency Regulation > Companies in Rehabilitation/Liquidation > Mutual Benefit Life Insurance Co.
Re: Inquiry to Mutual Benefit Life Insurance Company

This will respond to inquiries regarding policies originally issued by The Mutual Benefit Life Insurance Company ("Mutual Benefit").

Mutual Benefit was placed in rehabilitation under the supervision of the New Jersey Department of Banking and Insurance on July 16, 1991. Mutual Benefit's in-force policies were transferred to MBL Life Assurance Corporation ("MBL Life"), effective May 1, 1994. Mutual Benefit was ultimately liquidated and dissolved, effective June 14, 2001.

Subsequent to 1994, all former Mutual Benefit policies were administered by MBL Life pursuant to a Plan of Rehabilitation approved by the Superior Court of New Jersey (the "Court"). In 1998, MBL Life entered into various transactions under which policy liabilities were transferred to other insurers. Each transaction was duly approved by the Court and filed with governing State Insurance Departments. Ultimately, an Order For Liquidation of MBL Life was entered, effective January 12, 2000. An Order For Dissolution was ordered by the court on October 22, 2004.

If the policy referenced in the inquiry was in force at the time of the applicable 1998 transaction, it was automatically transferred to one of the following insurers (depending on the type of policy):

 
Individual Life Insurance Contracts:   Individual Annuity Contracts:
AIG SunAmerica Life Assurance Company (formerly, Anchor National Life Insurance Company) (Non-New York State Policyholders)
First SunAmerica Life Insurance Company (New York State Policyholders)
c/o Liberty Insurance Services
Telephone: 1-800-821-7887
  AIG SunAmerica Life Assurance Company (formerly, Anchor National Life Insurance Company) (Non-New York State Policyholders)
First SunAmerica Life Insurance Company (New York State Policyholders)
c/o AIG Annuity
Telephone: 1-888-333-2349
     
Group Annuity (Pension) Contracts:   Disability Insurance Contracts:
c/o SunAmerica Financial Services
Telephone: 1-888-502-0600
  Reassure America Life Insurance Company (Non-New York State Policyholders)
Life Reassurance Corporation of America (New York State Policyholders)
c/o Insurance Servicing Center
Telephone: 1-800-743-0122

Please contact the applicable insurer for a response to the inquiry. (With regard to Group Annuity Contracts, participants inquiring about contracts issued under a pension plan may also seek additional information from either the Company personnel department or the Plan Administrator.)

If the policy or contract was not in force on the date of the applicable transaction, either (i) it had lapsed, (ii) it was surrendered for value, (iii) the proceeds had been previously distributed pursuant to the terms of the policy or (iv) the proceeds had been transferred to another insurer at the election of the contractholder. If any of these listed events occurred, the policy has terminated and there are no available records which will provide additional information.

In addition, a small number of active policies (e.g. Variable Annuity and 401(k) Contracts) were not transferred to the above-listed insurers and, pursuant to an Order entered by the Court, were either (i) terminated with the cash value paid to the contractholder or (ii) replaced by another insurer at the election of the policyowner. If the policy was thus terminated or replaced, there are no available records.

 
Group Life or Group Health Insurance Policy:

Finally, if the inquiry relates to a former group life or group health insurance policy, all such contracts were transferred to affiliates of the Fortis, Inc. Group in 1991. For further information, contact:

Union Security Insurance Company (formerly Fortis Benefits Insurance Company)
2323 Grand Boulevard
Kansas City, MO 64108
Group Life Telephone: 1-800-733-7879
Group Health Telephone: 1-800-800-8463

 
Updated: December 8, 2005

 
OPRA
OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
line
Adobe Acrobat
You will need to download the latest version of Adobe Acrobat Reader in order to correctly view and print PDF (Portable Document Format) files from this web site.
state seal
Copyright © 2008, State of New Jersey
New Jersey Department of Banking and Insurance