Colorado Bankers (CB Life)...

[Jrbeccles]

Why is it that we are not seeing any articles in the news related to this event?

I must admit I was thinking the same thing. If the ruling was Friday, I would have thought we would have heard something from Causey by now. I'm calling my state guarantee folks tomorrow to see if they know anything.

 

[Jrbeccles]

I talked to the State Guarantee folks, and they said liquidation will be effective Nov 30th. We should just now wait for paperwork from CB Rehab folks giving us various options, and that should come in about 30 days

 

[hatchee]

That is great news, right? Thank you for following up on this

 

[scagnt83]

I do hope everyone is made whole. But I think we all recognize that the industry needs a real solution for things like this. None of us would find this acceptable if we were the person with our money tied up for years.

The main issue is on the regulatory side.

NC DOI failed to see this in the supposed audits they perform of insurance carriers. It was massive fraud. Not a normal carrier failure.

SGA was not made for a carrier that had all the assets stolen by the CEO... right under the nose of the regulators who very easily should have seen this had they done their job correctly.

If anyone should be sued here, it's the NC DOI.

 

[Dan T]

Oklahoma state guarantee folks didn’t have much information…yes we will get a packet from CBL to determine our options… she did say im the only one in Oklahoma over the 300k guarantee… she said ive lost out on the rest

 

[dnmarks55]

The main issue is on the regulatory side.

NC DOI failed to see this in the supposed audits they perform of insurance carriers. It was massive fraud. Not a normal carrier failure.

SGA was not made for a carrier that had all the assets stolen by the CEO... right under the nose of the regulators who very easily should have seen this had they done their job correctly.

If anyone should be sued here, it's the NC DOI.

This opinion sounds very reasonable to me. One might conclude that Lindberg's political contributions and bribery were successful in allowing him to do what he did.

 

[rats0001]

Best government money can buy.

 

[ccwpc]

Oklahoma state guarantee folks didn’t have much information…yes we will get a packet from CBL to determine our options… she did say im the only one in Oklahoma over the 300k guarantee… she said ive lost out on the rest

So say you took the 25% withdrawal last year and the amount was $300,000. Would you be getting anything from the SGA?

 

[Dan T]

i did take the 25% …. State guarantee could see that and said i get will get 300k….. but this person wasn’t the sharpest knife in the drawer either….. so the way this has gone so far, i will believe when i see it

 

[rats0001]

As I recall the 25% was not optional. I think the 25% came from the few good assets held by Colorado Bankers. The 300K limit should be for the account values now.
I had some policies with Executive Life that went into liquidation in I think 1991. It was a very complicated procedure with opt in and opt out options. I had mostly single pay life policies, I borrowed almost all my principal before they went under, and never repaid the loans. The last payment I got was in 2017, 26 years after going into liquidation.
I don't know how these are handled now, but if you want all your money back right away, it probably will be at a discount. I guess we will have to wait for the settlement papers for the options offered.
Just waiting for the insurance companies that fund the guarantee funds to sue to not pay the assessment because of the fraud. Of course that will be the end of any usefulness of the guarantee funds.