Colorado Bankers (CB Life)...

[scagnt83]

As an agent, I have to say, this has been eye opening.

While not the usual set of circumstances for a failing insurer.

It is crazy how long and drawn out the receivership process has been, and how long it takes to reach the liquidation stage for SGA payouts to begin.

Certainly shows us why ratings matter.

 

[Dan T]

Jody at CBL can tell you the story about your interest

 

[Jrbeccles]

Did anyone receive this months (Nov) email from the Rehab Admin folks? Usually arrives ( and says nothing) by now.

 

[rats0001]

Finally maybe some movement, from the December rehabilitator report, last sentence is new.

Liquidation Update

On November 1, 2022, Commissioner of Insurance Mike Causey filed a petition to place CBL into liquidation. On November 21, the judge ruled CBL would be placed into liquidation. On December 30, the judge signed the Order of Liquidation. The Order of Liquidation becomes effective as of the first month-end occurring on or subsequent to ninety (90) days after the later of: (1) the entry of the Order; (2) a decision of the North Carolina Court of Appeals affirming the Order, if further review of that decision is not sought; (3) an order by the North Carolina Supreme Court denying discretionary review of this case; or (4) a decision of the North Carolina Supreme Court affirming the Order. Greg Lindberg’s company, GBIG Holdings, LLC, filed a Notice of Appeal of the Order of Liquidation on January 27, 2023. The appellate court should be setting the date for oral arguments at their next available hearing date.

Oral arguments, then maybe 6 months before lindberg looses again. Then the appeal to the NC supreme court. At least something maybe starting to happen.

 

[Phyllis Christos]

[EXTERNAL LINK] - Lindberg notches win in $500 million insurance case

 

[Phyllis Christos]

Not even sure what that article means but it sounds troubling…

 

[Dan T]

this month1% interest rate was supposed to be back to normal per CBL… nope…they still have $ 360,000 after 25% withdrawal…they paid 211.00 in interest this month…ripoff continues

 

[Phyllis Christos]

Thankfully they finally got our 1% payment corrected this month -- after October and November being wrong -- after the 25% payout.
This correction finally made after several frustrating phone calls with agents answering CBL phone number....what a nightmare!
But I'm grateful they got it fixed.

 

[Dan T]

 

[rats0001]

Expedited
From article in Triad Business about lingberg losing his shares in global growth to pay a 576 million dollar judgement from a ULICO company, never heard of them.

Further down it states "The Court of Appeals also decided to expedite Lindberg’s appeal of the liquidation orders for Bankers Life and Colorado Bankers Life,". So almost 1 year of the liquidation order, the appeal is being expedited.

I wonder how long it would take if it wasn't expedited?