Colorado Bankers (CB Life)...

[rats0001]

I think he was found guilty of the same crimes that he went to prison for 633 days, before the first guilty judgement was overturned on appeal. I know he is trying to get the verdict tossed, and then appeal again, but as I said he went to prison the last time.
I think all Americans can agree that we have the finest legal system that money can buy.

 

[pcast79]

Is there a Chance that we all never see our money and it is just all a loss?

 

[dnmarks55]

Is there a Chance that we all never see our money and it is just all a loss?

The more likely worst case is that this drags on for years and we collect that whopping 1% interest with no access to our principal. Someone must be making some serious money from that. If they declared that everyone lost all their money (with no help from the state guaranty associations) it would be a black eye for sales of annuities. Also, the complete loss might be financially better as a write-off against our taxes rather than the 1% return forever.

 

[Allen Trent]

The more likely worst case is that this drags on for years and we collect that whopping 1% interest with no access to our principal. Someone must be making some serious money from that. If they declared that everyone lost all their money (with no help from the state guaranty associations) it would be a black eye for sales of annuities. Also, the complete loss might be financially better as a write-off against our taxes rather than the 1% return forever.

In all fairness, I dont think anyone is making any money as isnt a lot of the money gone? most of the money that will eventually be paid to policyholders will be paid by other insurance carriers that had nothing to do with it. so, they will actually have to sell some of their own investments held for their customers to fund the Guaranty Association to pay the CBL policyholders.

only people that made out on this are likely Lindberg & any of his co-conspirators & maybe the law firms charging to handle these court cases. all CBL policyholders, the other insurance companies & those insurance companies policyholders are likely losing out

 

[Hank87]

I am new to the group. Just another beat down policy holder waiting for my money. At this point what WILL trigger the liquidation so we get our money?

 

[ACDC]

At this point, Linburg’s insurance companies are worth less than what they owed to the policy holders. Even if his companies are liquidate, somebody still need to make up the difference, this is why the State of NC is taking it slow.

 

[jdeasy]

At this point, Linburg’s insurance companies are worth less than what they owed to the policy holders. Even if his companies are liquidate, somebody still need to make up the difference, this is why the State of NC is taking it slow.

The state has nothing to do with it. They aren’t the ones to make up the difference.

That’s the state guaranty fund which is misnamed.

There is no money in that so called fund.

The other insurance companies have to pay it.

But since the insurance companies play the DOI like a puppet they will drag it out.

 

[Newby]

At this point, Linburg’s insurance companies are worth less than what they owed to the policy holders. Even if his companies are liquidate, somebody still need to make up the difference, this is why the State of NC is taking it slow.

Why would the State of NC care? They don’t pay any of it.

 

[ACDC]

The state cares because if insurance companies in NC pay out Linburg’s policies, those insurance companies would need to raise the rates or leave NC. The State of NC cares because this affects the state’s economy and state insurance policies. There are very few fraud cases this size involving Billion dollars+ retirement annuities. This case has implications for future ruling and set proper procedures going forward. The whole country is watching.

 

[Newby]

The state cares because if insurance companies in NC pay out Linburg’s policies, those insurance companies would need to raise the rates or leave NC. The State of NC cares because this affects the state’s economy and state insurance policies. There are very few fraud cases this size involving Billion dollars+ retirement annuities. This case has implications for future ruling and set proper procedures going forward. The whole country is watching.

The first state that really cares will create a REAL safety net for consumers like banks have with FDIC insurance. And a DOI that is really out to protect consumers not protect the bad agents and agencies.