Colorado Bankers (CB Life)...

[rats0001]

Well thank you very much, paywalled, but the title is informative.

Feds Oppose Acquittal For Embattled NC Insurance Mogul - Law360

Federal prosecutors opposed bids by insurance mogul Greg Lindberg and his former political consultant John Gray to undo their guilty verdicts on bribery charges, saying sufficient evidence was presented at trial showing the pair tried to bribe North Carolina Insurance Commissioner Mike Causey to...

www.law360.com

2 months after conviction, why isn't lindberg been sentenced.
As to above thread, maybe we get our $ back in another 5 years. Wonder how many policyholders will be dead by then. This episode has taught me never another annuity, too risky.

 

[rats0001]

more jail info

Prosecutors urge judge to reject Greg Lindberg petition for a new trial

Federal prosecutors say the second prosecution of Greg Lindberg on bribery charges was free of errors and her does not deserve a new trial.

insurancenewsnet.com

 

[Stephen Round]

So what is the bottom line? Will we receive our money - ever??

 

[rats0001]

My guess maybe 10 years

 

[Rover23232]

Has anyone ever found out definitively whether the initial withdrawal in ‘20 (up to $15,000) and the 25% additionally allowed withdrawal in ‘23 reduce your balance with regards to future payment from the SGA?
In numbers: if 365k had accumulated when the moratorium went into effect and $15,000 was initially withdrawn and then another $87,500 was removed via the 25% 1 time withdrawal.

This would leave $265,000, below the SGA limits.

**also this example assumes no interest was accruing for ease of discussion**

Assuming the SGA was triggered would the policy holder receive the full $265k?

 

[Allen Trent]

Has anyone ever found out definitively whether the initial withdrawal in ‘20 (up to $15,000) and the 25% additionally allowed withdrawal in ‘23 reduce your balance with regards to future payment from the SGA?
In numbers: if 365k had accumulated when the moratorium went into effect and $15,000 was initially withdrawn and then another $87,500 was removed via the 25% 1 time withdrawal.

This would leave $265,000, below the SGA limits.

**also this example assumes no interest was accruing for ease of discussion**

Assuming the SGA was triggered would the policy holder receive the full $265k?

no confirmation, but My understanding is that you will have a calculation of what you were guaranteed as interest rate. So, lets say is was 4% for 5 years, then 1% after. if you put in $200,000 & had it for 9 years, you would have $256k guaranteed value. If you also took interest out or previous withdrawals, say $30k, that would lower your guaranteed account to $236k

SGA would only guarantee you get back a total of $250k in total of previous distributions & payment from SGA. Previous distributions of $30k, would mean only $220k from SGA.

Again, I dont have confirmation of this, but it is how I always understood it to work. Otherwise, someone that took 10% out every year for 10 years compared to someone that never took any money out would get back way more for the SGA.

 

[Stephen Round]

Has anyone actually talked to someone from the SGA in their own state? If so, what do they say they think will happen and when?

 

[Dan T]

i have and they didn’t know any details

 

[rats0001]

Nothing gonna happen til the good old boys on the NC Supreme Court tosses lindberg appeal, or lindberg looses case.
I don't think lindberg can appeal to US Supreme Court because insurance is regulated by the state, but I would not be surprised after lindberg looses in NC, he appeals to US Supreme Court, for another multi year delay.

 

[DonP]

I’ve seen this forum for a few yrs and read some notes here or there . This has brought to lite the trillions in annuity’s is not safe . I always thought $300k or under the state takes over and your principal is paid back within a yr or so . Same with Life policy’s . This Colorado Bankers has been going in for 6 or more yrs. Why has the state not paid the $300k or less principal back to annuity holders? Could this happen to death claims of a company taken over on claims less than $300k? I’ve never heard of death claims in a bankrupt insurer not paid in a timely fashion .