The state insurance regulators need to do their job and stop letting the insurance companies get away with this fraud. Several years ago I had a pipe break in my basement. The damage was clearly covered by my policy but my insurance company denied the claim. It I had to hire an attorney to sue the insurance company before they would pay up. It ended up costing the insurance company more money after the attorney's fees. The only thing that made sense here was that the insurance company felt that most people would not pursue the claim and walk. The insurance regulators do nothing to protect the people they are supposed to protect. The let the insurance companies get away with it.
I feel the same thing is going on here. The state insurance guarantee program is intended to protect policy holders in the event of insurance fraud and failure but it fails to do this. Instead the only thing it does is to give policy holders the feeling that they will be made whole if an insurer defaults. The only people that are loosing money here are the policy holders. The insurance companies are making a killing by being able to use policy holders money at 1%. I hear Lindberg is making 30K a day.
I feel I'm being scammed by the insurance industry and the insurance regulators.
I think the end game here is this. If the NC insurance commissioner and Lindberg can keep this mess tied up in the courts long enough there will be enough money made by using annuitant money to pay for expenses and life insurance death benefits. In the end it won't cost the other insurance companies anything to liquidate. Lindberg keeps whatever he's been able to hide. Lawyers make a ton. Only the little guy without a voice end up being the loser. This is the way scams end.
The only new thing I saw in the Jan Rehab report was this
The appellate court has noted that it will decide the appeal without oral arguments.
Liquidation appeal still looks like a multi year process to me. At least no trial. Then onto the NC Supreme Court, another year or two.
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
I filled out monthly interest paper work to be directly deposited into a separate account at my bank.
this month 276.29 after 10% tax that i asked to be taken out
Will we receive a 1099 statement for 2023 taxes? I guess legally it is required but legally someone shouldn't have taken our money. I suspect that we will receive a 1099 but the chances of it being accurate are slim. Remember those old books and movies about bank executives making millions by manipulating the round off error in interest payments? Here they aren't even hiding the fact that they are withholding or altering our 1% interest payments. Is there any oversight of this operation? One has to conclude that those involved with protecting the interest of the investors are either incompetent or criminal. Only the investors lose if this takes years to resolve in the courts. Who is standing up for our rights?
