Colorado Bankers Life Insurance Company is in rehabilitation
Colorado Bankers Life Insurance Company, Bankers Life Insurance Company, Southland National Insurance Corporation, and Southland National Reinsurance Corporation, consented to an Order of Rehabilitation entered on June 27, 2019, by the Superior Court of Wake County, North Carolina (“Court”) pursuant to a petition filed by the Commissioner of Insurance of the State of North Carolina, Mike Causey.
The Commissioner took action after determining that the long- term liquidity of the investment portfolios of the Companies had deteriorated to the point that the North Carolina Department of Insurance needed to act to protect the policyholders.
Did your stock broker or financial advisor sell you a Colorado Bankers Life Insurance Annuity Product that is now in default?
The Court appointed the Commissioner as Rehabilitator of the Companies. The Rehabilitator has appointed Noble Consulting Services, Inc., to serve as Special Deputy Rehabilitator to oversee the rehabilitation process. Mike Dinius and John Murphy of Noble will act for the Rehabilitator in the rehabilitation proceeding, under the title of Special Deputy Rehabilitators.
This was done to protect the overall account values of the Companies’ annuity holders and the interests of all policyholders. Due to the issues with the Companies’ investments, it was necessary to place the Companies under Court protection so that the investment issues could be addressed in an orderly fashion by the Rehabilitator under Court supervision. In accordance with the Order, the Rehabilitator has taken possession of all known assets of the Companies. The Rehabilitator is currently evaluating the Companies’ in-force policies, by policy type, investments, as well as reinsurance programs in furtherance of determining the feasibility of a successful rehabilitation of the Companies. The goal of the Rehabilitator is to reduce the amount of
affiliated investments and to increase the long-term liquidity of the Companies.
Soreide Law Group is investigating potential claims by policy holders against financial advisors that recommended Colorado Bankers Life Insurance Products. Recommending these products may have been unsuitable for many policy holders given the possible lack of credit worthiness at the time of the recommendation which higher credit quality products readily available. Many large brokerage houses sold these products to their customers including Citizens Securities, Inc., of Massachusetts. If you invested call 888-760-6552 today, no fee if no recovery, servicing clients nationwide.
