Sr. Deputy N.C. Commissioner Stepping Down Oct. 21

Boyce Oglesby, a senior deputy commissioner of North Carolina Insurance Department is stepping down this month after an audit questioned spending and decisions related to a trust for insolvent insurance companies.

Oglesby, who oversees the agency’s Regulatory Actions Division, will leave the department effective Oct. 21, according to a message on his office voice mail. He didn’t return a phone call from the Associated Press on Wednesday seeking comment.

The division oversees the Regulation Actions Division Trust. State Auditor Les Merritt released an audit Sept. 19 critical of at least $122,000 in expenses for meals, travel, computers and other items related to the trust.

In all, the report examined spending totaling about $1.5 million, from surplus computers sold to workers, a no-bid contract and an expensive office space lease agreement.

A department spokeswoman, Chrissy Pearson, declined to comment to the Associated Press whether Oglesby has been asked to leave, citing state personnel laws. Oglesby was hired in 1991 and promoted to senior deputy in 2003, Pearson said. He earns $101,241 annually.

The audit determined that Insurance Commissioner Jim Long and his deputies should have more closely monitored the trust, which is used to liquidate a company’s assets, pay off creditors and ensure that annuities are paid or that policyholders can get new policies with other insurers. Trust employees are not state workers, but Long has the ultimate say over the trust.

At the audit’s release, Long said personnel changes were being implemented, but declined to provide details.

The audit was prompted by questions raised about the handling of assets of London Pacific Life & Annuity, one of seven companies under receivership in the trust.

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Topics North Carolina