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Lindberg pitches sale to avoid liquidation, but regulators say he hasn’t provided details

A North Carolina billionaire facing multiple investigations, and three years into a government takeover of insurance companies he owns, said Monday he has agreed to sell those companies to avoid a forced liquidation. In a news release, Lindberg said he had reached a $307 million deal with Universal Financial Holdings LLC, which would acquire Southland National Insurance Corp., Bankers Life Insurance Co., Colorado Bankers Life Insurance Co. and Southland National Reinsurance Corp. North Carolina regulators would have to sign off for the deal to go forward. A spokesman for the state Department of Insurance said Monday afternoon that details of the deal hadn’t been submitted. A Lindberg...

Lindberg insurance companies to be liquidated, NC court rules

The decision comes more than three years after the state started questioning the whereabouts of more than $1 billion in insurance company assets within Lindberg’s empire. Lindberg is the founder of Global Growth, a Durham-based firm with a complex network of insurance companies. In Wake County Superior Court on Monday, a judge ruled that two of Global Growth’s North Carolina-based insurance companies, Colorado Bankers Life Insurance Company and Bankers Life Insurance Company, would go into liquidation, thereby giving several policyholders an avenue to more quickly get some of their money back. In 2019, the North Carolina Department of Insurance put several insurance companies Lindberg had...

State moves to liquidate companies in Lindberg insurance saga

North Carolina regulators asked a judge this week to liquidate two insurance companies—a step that could eventually shut down the businesses and recoup money for policyholders. Several policyholders with Colorado Bankers Life Insurance and Bankers Life Insurance—the two companies affected by the filing—cheered the state’s move and are hopeful for liquidation, which could trigger payments in limbo for years. “I am relieved to hear that the court is taking action, and I look forward to a, hopefully, quick resolution to the nightmare that has taken a toll on my wife and me,” Neil Martin, an 84-year-old policyholder, said in an email. “We need our money!” Payments would be covered by state...

WealthVest and Colorado Bankers Life Insurance Company Kick off Partnership

BOZEMAN, Mont. (PRWEB) February 05, 2018 Colorado Bankers Life Insurance Company (CBLife) and WealthVest are working together to meet the needs of customers and provide them with insurance products to help with protection for today and asset accumulation for tomorrow. CBLife has entrusted WealthVest with the distribution of its Multi-Year Guarantee Annuity available in banks and broker-dealers for clients seeking safety and fixed income alternatives. Highly competitive, the CBLife Multi-Year Guarantee Annuity is positioned with rates as high as 3.25% for five years. CBLife’s Multi-Year Guarantee Annuity is designed for consumers who are looking for competitive guaranteed rates, providing...

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New complaint alleges ‘massive fraudulent scheme’ by NC political donor recently released from federal prison ::

By Travis Fain, WRAL state government Greg Lindberg, the North Carolina businessman accused of trying to bribe the state’s insurance commissioner, raided his own insurance companies in a “massive fraudulent scheme,” the U.S. Securities and Exchange Commission said in a complaint filed Tuesday in federal court. The regulator alleged that Lindberg, once North Carolina’s largest political donor, and an associate looted more than $75 million from Lindberg’s insurance companies, compromising the companies’ liquidity and leading to a state takeover of the insurers that has kept policy holders from receiving payments. The money flowed through a Malta-based advisory firm through complicated schemes...

American Bankers Life Assurance Co. Hit with Class Action Over Alleged Automatic, Unauthorized Premium Withdrawals

A proposed class action claims American Bankers Life Assurance Company of Florida has a practice of continuing to automatically withdraw bank loan insurance premiums from policyholders’ accounts even after the loans have been paid off. The case alleges the defendant has “never sent policy updates or premium notices” to policyholders yet has continued to collect premium payments while the insureds may not be aware that a policy even exists. The lawsuit, which has been removed from Raleigh County, West Virginia Circuit Court to the state’s Southern District Court, claims American Bankers has violated West Virginia law, its own written policies, and ethical standards of good faith and fair...

Bankers Life Raises More for Alzheimer’s Association, ThinkAdvisor

Bankers Life and its parent, CNO Financial Group, have raised $426,395 for the Alzheimer’s Association through this year’s Forget Me Not Days campaign. Bankers Life — a company that still writes stand-alone long-term care insurance, along with life insurance, annuities and supplemental health insurance products — raised $424,000 in 2021, Bankers Life has been organizing the Forget Me Not campaigns for 20 years. This year’s total is the most the company has contributed to the Alzheimer’s Association since 2017, when it sent the association $430,000. The contributions support association efforts to fight Alzheimer’s Disease and other forms of dementia. In 2020 and 2021, while the COVID-19...

Insurance policy was illegal wager on stranger’s life, appeals court holds, Reuters

(Reuters) - Sun Life Assurance of Canada does not have to pay a $5 million death benefit on a life insurance policy because it was an illegal “wager on the life of a stranger,” a federal appeals court held. The 7th U.S. Circuit Court of Appeals affirmed on Wednesday that former Illinois business owner Robert Corwell was acting as a straw man for an investment company, Coventry Capital, when he “seemed to buy” a policy on his own life in 2006. Since Coventry and Corwell had no other relationship, the policy was an unlawful stranger-originated life insurance (STOLI) policy and void from the outset, Circuit Judge David Hamilton wrote for the three-judge panel. The decision is a loss for Wells...

CNO Financial Group and Bankers Life Raise More Than $426,300 in Support of the Alzheimer's Association

CARMEL, Ind., Aug. 18, 2022 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO ) and Bankers Life announced today a contribution of $426,395 to the Alzheimer's Association for Alzheimer care, education, and research programs. This is the 20 year CNO and Bankers Life have supported the Alzheimer's Association through our national Forget Me Not Days® fundraiser. "We see firsthand the impact that Alzheimer's and all other dementia have on our associates, customers, their families and their caregivers," said Bruce Baude, chief operations and technology officer for CNO Financial and member of the national board of directors of the Alzheimer's Association. "We are proud to partner with the...