Colorado Bankers (CB Life)...

[ccwpc]

Have anyone seen the latest quarterly report, CBL life is now in receivership as opposed to rehabilitation. Receivers will investigate, collect and convert all company assets into cash which, I believe, means this is a next step to a liquidate payout and turning this over to the state for a final payoff of some sort.

What page of the quarterly report do you see this stated?

 

[Dan T]

There wasn’t a automated rehabilitation update this month… or at least I didn’t get one

 

[ccwpc]

There wasn’t a automated rehabilitation update this month… or at least I didn’t get one

I didn't get an automated one either but it's there in the link on the cblife website. The last updated quarterly report is 10/23/23. I looked through it and don't see where it says the status has changed to receivership.

 

[ACDC]

https://cblife.com/forms/Rehab_Report_10-19-23.pdf

 

[ccwpc]

https://cblife.com/forms/Rehab_Report_10-19-23.pdf

Are you referencing the change from "rehabilitator's quarterly report" to "receiver's quarterly report"?

 

[ACDC]

Are you referencing the change from "rehabilitator's quarterly report" to "receiver's quarterly report"?

Yes, that is a next step in my opinion.

 

[ccwpc]

Yes, that is a next step in my opinion.

I disagree. If there was a change in the status, there would be an official announcement and not some mere change in a term.

 

[ACDC]

I disagree. If there was a change in the status, there would be an official announcement and not some mere change in a term.

Thank you for your reply. A change in terms is a baby step not a full step but none the less, it will benefit the policy holders. Please share with us what is your take on this latest report.

 

[ProActive]

This is an excerpt from the October Quartely Rehabilitator’s Report. How does everyone understand the highlighted part?

 

[Allen Trent]

This is an excerpt from the October Quartely Rehabilitator’s Report. How does everyone understand the highlighted part?

At first glance, that seems to a be a contradictory statement in some regards.

On one hand, it seems to say prior distributions by CBL before liquidation dont count against the Guaranty Association limit (that would be good), but then appears to say the prior distributions will be applied to the limit of the policy.

It is entirely likely I am misreading what they are attempting to clarify with this statement

I still believe money you already got out of the policy will be subtracted from the state Guaranty maximum. Otherwise, someone that put in $500k originally but took $50k out each year for 5 years could end up getting back all $500k, but someone that didnt take money out each year during purchase would get back less.......................but again, only a wild assumption on my part