Lindberg insurance coverage firms to be liquidated, NC courtroom guidelines – WRAL Information

November 22, 2022 By admin

The state Division of Insurance coverage says the choice will enable extra policyholders with Colorado Bankers Life Insurance coverage and Bankers Life Insurance coverage to recoup losses.
The choice comes greater than three years after the state began questioning the whereabouts of greater than $1 billion in insurance coverage firm property inside Lindberg’s empire.
Lindberg is the founding father of International Development, a Durham-based agency with a posh community of insurance coverage firms.
In Wake County Superior Courtroom on Monday, a choose dominated that two of International Development’s North Carolina-based insurance coverage firms, Colorado Bankers Life Insurance coverage Firm and Bankers Life Insurance coverage Firm, would go into liquidation, thereby giving a number of policyholders an avenue to extra shortly get a few of their a reimbursement.
In 2019, the North Carolina Division of Insurance coverage put a number of insurance coverage firms Lindberg had acquired into “rehabilitation” amid issues over liquidity and skill to fulfill obligations to policyholders. The division this 12 months requested that the courtroom liquidate the 2 North Carolina-based insurance coverage firms.
“This is a crucial step that may enable extra policyholders to get extra of their a reimbursement, sooner,” North Carolina Insurance coverage Commissioner Mike Causey stated in an announcement.
International Development didn’t instantly reply to a request for remark.
Funds are to be coated by the state warranty associations, which again the insurance coverage annuities largely at challenge, very like the Federal Deposit Insurance coverage Corp. ensures financial institution accounts. The warranty restrict in North Carolina is $300,000.
Causey’s workplace continues to be ready on a signed determination from the choose however was knowledgeable of the choice on Monday, in accordance with Barry Smith, a spokesman for the state insurance coverage commissioner.
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