Colorado Bankers (CB Life)...

[rats0001]

What new statement of CBLife web site
Colorado Bankers Life Insurance Company ("CBL"or the "Company") is in court-ordered liquidation effective as of November 30, 2024. The North Carolina Insurance Commissioner is the court-appointed Liquidator. When a liquidation is ordered, each state's life and health insurance guaranty association provides coverage to the Company's policyholders who are residents of that state up to the coverage limits specified by state laws. CBL's policy obligations are now covered by various state life and health insurance guaranty associations subject to applicable statutory limits and requirements. Any policy benefit amounts above the state's life and health insurance guaranty association coverage limits become claims against the Company's remaining assets, after all administrative expenses are paid. The login above is for the portion of your policy that is not covered by a state guaranty association. It will become active in January of 2025. A separate link for the covered portion of your policy will be available when it becomes active.

 

[ccwpc]

Pretty sure these are limits for life insurance. Limits for annuities are less. 250,000 in my state.

 

[ccwpc]

Has anyone seen the actual value to be expected? Is that located on the portal? The forms do not have values….

My form showed what they are paying. $250,000.01. What state are you in?

 

[Dan T]

Annunity guarantee for each state

 

[Newby]

Wow! California allows them to only cover 80% of the policy, not 100% like all the other states.

 

[DonP]

Wow! California allows them to only cover 80% of the policy, not 100% like all the other states.

I'll give credit to JD on one thing . He's always Blasted that Guarantee funds are crap. But i can't recall ever reading a death benefit under $300k from a carrier in receivership taking even a yr to pay? Can you ?

 

[ProActive]

"By January 15, 2025, guaranty associations expect to mail CBL and BLIC policyholders a specific notice providing information regarding their individual policy/contract and available guaranty association coverage."

Didn't that sentence read "by December 30, 2024" yesterday?!

 

[Allen Trent]

Wow! California allows them to only cover 80% of the policy, not 100% like all the other states.

Imagine if a consumer had a payout annuity for 20 years paying 1k per month. Now at age 85 their carrier failed. Their checks woukd end & no money from Guaranty Association because they already got $240k in lifetime guarantee checks already. Looks like only 1 state guarantees more if a payout.

That could effect some people's pension checks as some pensions offloaded pensions to annuity carriers to save from having to pay the escalating per person pension guarantee Association insurance costs. I think it is like $650 per employee per year premium to PGBA, so retirees with lower pension checks were too costly, so employers sold/gave the assets to insurance carriers who then provide the lifetime pension income, but don't owe the PBGA per person fee

 

[Allen Trent]

I'll give credit to JD on one thing . He's always Blasted that Guarantee funds are crap. But i can't recall ever reading a death benefit under $300k from a carrier in receivership taking even a yr to pay? Can you ?

They are crap because they are not pre-funded by fees/premium taxes to consumers & they are not backed by any state or federal government. I assure you insurance carriers don't love how the associations are funded by good companies that managed their company conservatively getting a bill to make a poorly run carrier with bad sales practices customers whole.

 

[Allen Trent]

"By January 15, 2025, guaranty associations expect to mail CBL and BLIC policyholders a specific notice providing information regarding their individual policy/contract and available guaranty association coverage."

Didn't that sentence read "by December 30, 2024" yesterday?!

All the temporary contract workers hired for short term work are likely on holiday vacation the next week or 2