North Carolina Mutual Life Insurance has announced it will stop selling policies in Virginia, three months after Virginia’s State Corporation Commission said it might suspend the company’s license due to financial issues.

The Durham, N.C.-based company, one of the nation’s oldest African American-owned insurers, announced the move in a filing this week with the SCC, which oversees insurance regulation, according to the Richmond Times-Dispatch.

The insurer’s surplus dropped to $6.6 million as of Sept. 30, 2009, down nearly $3 million from the end of 2008, according to the report, leaving it too close to the minimum required by Virginia law.