State Ex Rel. Long v. American Security Life Assurance Co.

WYNN, Judge.

The American Security Life Assurance Company of North Carolina (“ASLAC”) is an insurance company licensed and incorporated under the laws of North Carolina. It is a wholly owned subsidiary of the American Security Life Assurance Company of Florida (“ASLAC-Florida”), which in turn is a wholly owned subsidiary of Rebuilding Services, Inc. (“RSI”).

In 1990, the North Carolina Department of Insurance (“DOI”) conducted a routine audit of ASLAC at its executive offices in Jacksonville, Florida, which audit yielded financial data current through 31 March 1990. This data revealed that…