Colorado Bankers (CB Life)...

[Allen Trent]

So are you telling me when the state takes the company over the claims or paid out of the CO’s reserves ? Phoenix life was taken over by the state . Will claims be paid out of their reserves till a company buys them ? So in essence the state will entice someone to buy Phoenix even if they have to fire sale at a lose ? The state will simply make all the other insurance CO’s chip in with increased fee’s to pay for it ? The state is simply a facilitator

Guaranty Associations

www.acli.com

Solvency Series: State Insurance Guaranty Associations | AgentSync

State guaranty associations help keep the foundational premise of the insurance industry, that someone will pay claims.

agentsync.io

 

[jdeasy]

even then, I dont believe the SGA employees are employed as state employees, they are employed by the association or even the national association of Guaranty Associations

Probably so. But there really is no state guaranty associations standing by. They only go into action when it's needed. They are not a watchdog or trying to keep companies in the black.

 

[rats0001]

Just out on 7/29, read starting on page 121 if you want to get a headache

https://www.ncdoi.gov/documents/reg...receivers-quarterly-report-march-31-2024/open

 

[ccwpc]

Feds seek $1.5M forfeiture from Greg Lindberg after bribery conviction

Government attorneys are asking a court to order forfeiture of $1.5 million in funds seized from Greg Lindberg after his bribery conviction.

insurancenewsnet.com

 

[ACDC]

Feds seek $1.5M forfeiture from Greg Lindberg after bribery conviction

Government attorneys are asking a court to order forfeiture of $1.5 million in funds seized from Greg Lindberg after his bribery conviction.

insurancenewsnet.com

1.5 million is like 0.1% of what he owe to the policy holders.

 

[Allen Trent]

1.5 million is like 0.1% of what he owe to the policy holders.

Yup. Plus feds confiscating those funds likely are to cover the feds legal costs for the bribery case, not to fund the failed insurance company obligations

 

[ccwpc]

Yup. Plus feds confiscating those funds likely are to cover the feds legal costs for the bribery case, not to fund the failed insurance company obligations

Yeah. Sounds like the feds want to keep that money for themselves and that money is probably from us policyholders.

 

[rats0001]

Finally a tiny bit of movement in lindberg federal case of defrauding the insurance companies.

Upcoming events:

A status conference as to defendant Greg Lindberg is set for August 26, 2024 at 9:00 AM in Courtroom#5A, 401 W Trade St, Charlotte, NC 28202 before District Judge Max O. Cogburn Jr. A docket call as to defendant Greg Lindberg is set for September 3, 2024 at 9:30 AM in Courtroom #5A, 401 W Trade St, Charlotte, NC 28202 before District Judge Max O. Cogburn Jr.

No closer to us getting our $ back, but maybe progress of putting lindberg's butt back in prison.

 

[rats0001]

lindberg loses another case, no effect on us

Federal Court Says Lindberg and Firms Must Pay $167M to Defunct Dutch Insurer

Former insurance executive Greg Lindberg, now awaiting sentencing in a North Carolina bribery conviction, and his companies must pay almost $167 million

www.insurancejournal.com

 

[hatchee]

When I got this CBL annuity it also required an insurance policy which the premiums are still being paid. I feel that I should cancel this policy but certainly don’t want to jeopardize any pay out of the annuity should that ever come. Any thoughts?