- 4,920
Can you refer me to the commission insurance, I bet a lot of agents would love to insure their commissions
Colorado Bankers (CB Life)...
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Can you refer me to the commission insurance, I bet a lot of agents would love to insure their commissions
Hahaha. Fixed.
lindberg trials that I follow
retrial of NCDOI, this was the one where lindberg went to jail, got let out, was supposed to start on March 6, now supposed to start Nov 6, yeah right
Federal trial was supposed to start 70 days after Feb 23 indictment or May 1, now rescheduled for July 3, yeah right
Liquidation appeal by lindberg, I have seen no court date or case assignment, so nothing happening on this, so we are no closer to a conclusion since nothing is happening that I can find.
There are several other cases I follow where colorado is trying to recover $$ that are moving at slower than a snails pace.
Colorado has won several of these cases but seems to never collect any damages awarded by the courts.
Its a hopeless situation especially since the NCDOI doesn't seem to care very much.
retrial of NCDOI, this was the one where lindberg went to jail, got let out, was supposed to start on March 6, now supposed to start Nov 6, yeah right
Federal trial was supposed to start 70 days after Feb 23 indictment or May 1, now rescheduled for July 3, yeah right
Liquidation appeal by lindberg, I have seen no court date or case assignment, so nothing happening on this, so we are no closer to a conclusion since nothing is happening that I can find.
There are several other cases I follow where colorado is trying to recover $$ that are moving at slower than a snails pace.
Colorado has won several of these cases but seems to never collect any damages awarded by the courts.
Its a hopeless situation especially since the NCDOI doesn't seem to care very much.
Possible good news
In this months rehab email, it said they are looking into making a one time voluntary 25% distribution to CBLife policyholders by the "end of summer 2023", pending court approval. Not Southland policies at this time.
They also want to cash out all policies below $1334 by "end of summer 2023"
In this months rehab email, it said they are looking into making a one time voluntary 25% distribution to CBLife policyholders by the "end of summer 2023", pending court approval. Not Southland policies at this time.
They also want to cash out all policies below $1334 by "end of summer 2023"
Phyllis Christos
Expert
- 49
Agree -- this seemed like a shred of hope -- something positive -- we shall see.............
- 4,920
They must know they have enough liquid cash in CBL to offer that. The assessment bills to other stable insurance companies would likely need a lot more notice so that they can begin to keep cash on hand rather than reinvest it as their fixed portfolio maturities. I am assuming all carriers in each state are already being notified how much they will have to come up with to cover CBL shortfalls.
Shortfall for CBLife should be around 900M the total of the affiliated investments that probably have 0 value NAIC rating 6, assuming other assets are money good. CBLife has won some lawsuits but not collected any $ according to the rehabilitators email today.
With most of the cash and good assets being sold, I would think lindberg's sale of the companies for 307M would be terminated by the buyer. Who would pay for only the bad assets except lindberg. Maybe by then he will be enrolled at Federal Pen.
With most of the cash and good assets being sold, I would think lindberg's sale of the companies for 307M would be terminated by the buyer. Who would pay for only the bad assets except lindberg. Maybe by then he will be enrolled at Federal Pen.
I'm not an expert in insurance company accounting, but on the CBLife quarterly report dated 12/31/2022 release today $824,720,289 of bonds were moved to nonadmitted assets. This is close to the amount of the affiliated investments of $892,132,159.
Also Capital & Surplus line 55 of the "summary of operations" is now $(1,161,392,978).
Was this done to finally show to everybody and the courts that they really are officially insolvent?
Any ideas would be welcome.
Also Capital & Surplus line 55 of the "summary of operations" is now $(1,161,392,978).
Was this done to finally show to everybody and the courts that they really are officially insolvent?
Any ideas would be welcome.
“Possible good news
In this months rehab email, it said they are looking into making a one time voluntary 25% distribution to CBLife policyholders by the "end of summer 2023", pending court approval.”
For those of us excess policyholders, this 25% will be counted against, and not in addition to, the allotment from the state guaranty association, correct? In other words, the total will still be whatever the guaranty association pays?
In this months rehab email, it said they are looking into making a one time voluntary 25% distribution to CBLife policyholders by the "end of summer 2023", pending court approval.”
For those of us excess policyholders, this 25% will be counted against, and not in addition to, the allotment from the state guaranty association, correct? In other words, the total will still be whatever the guaranty association pays?
