Commissioner Causey Expands Hardship Eligibility Programs for Greg Lindberg’s Former Insurance Companies
RALEIGH — North Carolina Insurance Commissioner Mike Causey announced that hardship eligibility programs for policyholders of Colorado Bankers Life Insurance Company, Bankers Life Insurance Co. and Southland National Life Insurance Corp. have been extended as of July 27.
In his role as Tri-Society Rehabilitator, Commissioner Causey increased the maximum amount of liquid assets a claimant can have to qualify for financial hardship payments from $25,000 to $50,000.
“This will make policy funds more accessible to financially challenged policyholders under program criteria,” Commissioner Causey said. “The Financial Hardship Program provides an exception to the court-ordered moratorium to help customers who are in immediate need of funds so they can meet day-to-day expenses.”
The hardship payments will be in addition to the other exceptions to the moratorium. Insurance companies have made payments and will continue to make payments; for death claims, health insurance claims, required minimum IRA distributions, and for annuities that reach their maturity date.
The insurance companies continue to work to ensure Greg Lindberg fulfills his promises to execute the rehabilitation plan set out in the memorandum of understanding so that the rehabilitator can provide additional access to police funds.
Information about the Memorandum of Understanding and hardship application can be found on the company’s websites: Colorado Bankers Life, Bankers Life Insurance Company and Southland National Insurance Company.