Tuesday, August 2, 2022

Commissioner Causey expands hardship eligibility programs for Greg Lindberg’s former insurance companies

RALEIGH
Aug 2, 2022

North Carolina Insurance Commissioner Mike Causey announced that the hardship eligibility programs for policyholders of Colorado Bankers Life Insurance Company, Bankers Life Insurance Co. and Southland National Life Insurance Corp. have been expanded effective July 27.

In his role as rehabilitator of the three companies, Commissioner Causey has raised the maximum amount of liquid assets that an applicant may have to qualify for financial hardship payments from $25,000 to $50,000. 

“This will make policy funds more available to policyholders in financial hardship under the criteria of the program,” Commissioner Causey said. “The hardship program provides an exception to the court-ordered moratorium to assist customers who are in immediate need of funds so that they may meet everyday living expenses.”

The hardship payments will be in addition to other exceptions to the moratorium. The insurance companies have been making payments and will continue to make payments; for death claims, health insurance claims, required minimum distributions from IRAs and for annuities that reach their maturity date.

The insurance companies are continuing to work to hold Greg Lindberg to his promises to perform the rehabilitation plan set out in the memorandum of understanding so that the rehabilitator will be able to provide additional access to policy funds. 

Information on the memorandum of understanding and hardship application can be found on the company websites: Colorado Bankers Life, Bankers Life Insurance Company, and Southland National Insurance Company.

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