Name Change and Company Merger Procedures

North Carolina Department of Insurance Life and Health Division Name Change & Company Merger Procedures

Every entity admitted to conduct the business of insurance in North Carolina must do business in its own name as required by NCGS § 58-3-50.

Submissions to L&H Division

All submissions to the Life & Health Division relating to name changes/mergers should follow the procedures outlined in the Division’s Company Name Change/Merger Checklist, see below.

New Business

In order to comply with NCGS § 58-3-50, a company must issue new business under its new/merged name as soon as (but not before) the new name/merger is in effect. The Life and Health Division permits companies to submit a list of the forms that will be modified to reflect the new/merged company name in lieu of re-filing previously-approved forms.

A name change is one where there is no change to the previously-approved forms other than the company name (and possibly contact information) and where there will be no change to the premium rates that had been approved prior to or in effect at the time of the name change.

For purposes of this procedure, a merger is where two or more insurers merge forming a single entity that may retain its current name or may assume a new one. In a merger, no change to the previously-approved forms occurs for the entity involved in the transaction other than the company name (and possibly contact information).  Also, no change occurs to the prior approved premium rates in effect at the time of the merger.

To facilitate a name change/merger:

1. Submit the proposed date of the name change/merger.

2. A list of the previously-approved forms that will be used for new business under the new/merged company name to the Life & Health Division.  Include the form numbers of the approved forms under the previous/unmerged company name and the date on which original approval was granted.

3. Provide a certification statement from an officer of the company indicating that the only change to the listed forms is the company name (and contact information is applicable). If a previously-approved form filed under the previous/unmerged company name will not be sold under the new/merged company name, please do not include it in the list.

Upon receipt of the information described above, the Life and Health Division will update its records to reflect the approved forms in its information under the new/merged company name.

Please be advised that the listed forms cannot be issued in North Carolina under the new/merged company name until the effective date of the name change. The proposed effective date shall not preempt the actual date that the company's Certificate of Authority is revised.

Existing Policies

In addition to revising previously-approved forms for use when issuing new business, companies must also issue a name change/merger endorsement for all existing policies in order to remain in compliance with NCGS § 58-3-50. A name change/merger endorsement must also be filed with the Life and Health Division for prior approval. As with any other form filed for approval, a form number must be located in the lower left-hand corner of the endorsement. Approved endorsements should be sent to policyholders immediately after the name change/merger has gone into effect.

Name Change, Company Merger Procedures and Checklist