US-based member owned financial cooperative firm North Carolina State Employees’ Credit Union (SECU) has launched its new business unit known as SECU Life Insurance Company.

The insurance firm, which was set up with an initial capital of $25m, recently received the underwriting license from industry regulators.

Commenting on the launch, Insurance Commissioner Wayne Goodwin said, "The North Carolina Department of Insurance is pleased to approve SECU Life Insurance Company as an authorized provider of personal life insurance services in North Carolina."

It is expected that the company will start insurance products from mid-2013, which includes simplified issue term and whole life policies, single premium deferred and immediate fixed annuities.

Considering member’s objectives, the new company will offer appropriate products and the underwriting process should be efficient, with no medical test or office involvement.

SECU provides consumer financial services to 1.8 million members, through 245 branch offices, 1,100 ATMs, 24/7 Contact Centers and a website, ncsecu.org.