Saturday, December 3, 2022

Global Growth Comments on Liquidation of Greg Lindberg’s North Carolina Insurers

'We deeply disagree with the NCDOI's decision to liquidate these companies — and we're surprised and disappointed that things got to this point,' said Global Growth CEO Justin Holbrook, 'They didn't have to.'

ORLANDO, Fla. - November 22, 2022 - (Newswire.com)

In response to the North Carolina court decision to liquidate Colorado Bankers Life Insurance and Bankers Life Insurance, two Global Growth-affiliated insurance companies, Global Growth CEO Justin Holbrook issued the following statement:

"We deeply disagree with the North Carolina Department of Insurance (NCDOI) decision to liquidate these companies — and we're surprised and disappointed that things got to this point. They didn't have to.

"First, we asked the judge for a continuance so that we could engage in discovery to understand the NCDOI's sudden determination that CBL and BLI should be liquidated now. As far as we know, nothing material has changed in terms of the insurance companies' liquidity or ability to meet their current policyholder obligation under the court's prior orders. NCDOI did not approach us before filing their liquidation motion nor explain their reasoning.

"Second, our goal remains helping policyholders get full access to their benefits as quickly as possible. Liquidation simply doesn't do that. Two years or more can pass under liquidation before most policyholders receive their benefits. By contrast, the sale of the NC insurance companies now would help policyholders start receiving their full benefits in a matter of months. The NCDOI has received two signed LOIs to buy our insurance companies, and all they have to do is accept one of them — which would help policyholders now. 

"Third, and most importantly, liquidation should always be a measure of last resort because it impacts state guaranty funds and threatens to leave some policyholders out in the cold. In this situation, liquidation doesn't need to happen at all, since there are other alternatives on the table. By NCDOI's own admission, there is substantial available liquidity in CBL and BLIC, and they are more than able to meet policyholder needs today. In fact, their cash position is so good that NCDOI just filed a request to relax the moratorium standards the court put in place in 2019 so more policyholders could get access to more of their benefits now. We support that decision and would even urge the NCDOI to do more. 

"The bottom line is going through the long process of liquidation makes no sense when the insurance companies can be sold today. Policyholders shouldn't have to wait any longer. Today's decision hurts — not helps — policyholders get full and quick access to their benefits.

"I've spent much of my professional life in public service and learned long ago that working together is always the best way. It saddens me that Commissioner Mike Causey still refuses to do that. In the end, the court's decision today means that policyholders are still the ones paying the price for Mr. Causey's actions."


Contact Information:
Sophie Turrell
[email protected]


Press Release Service by Newswire.com

Original Source: Global Growth Comments on Liquidation of Greg Lindberg's North Carolina Insurers
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Corey Stapleton & The Pretty Pirates Release Second Album ‘Anchors Aweigh’

Country music artist Corey Stapleton harmonizes politics and Nashville music with his second album of 2022

BILLINGS, Mont. - December 2, 2022 - (Newswire.com)

Corey Stapleton & The Pretty Pirates continue their busy year, following up the critically acclaimed debut album 'Seachange' with another smashing country rock album, 'Anchors Aweigh'.

Recorded at OmniSound Studios in Nashville, TN, the Montana artist and current presidential candidate blends his country recordings with a nostalgic 80s rock sound, including a smashing cover of "Somebody's Baby" first recorded 40 years ago by Jackson Browne. The 12-song album features Stapleton's fearless songwriting and vocals with a dynamic range of songs including 'I Believed You Then', 'Anchors Aweigh' and 'Summer in Montana'.

Stapleton stunned the Montana political scene last year when the 55-year-old politician released "Western Son", a somewhat biographical song contemplating America's potential by merging music and statesmanship. The U.S. Naval Academy graduate and former Montana Secretary of State has launched his campaign for the Republican nomination for U.S. President in 2024.

'Anchors Aweigh' by Corey Stapleton & The Pretty Pirates is available on all streaming platforms.


Contact Information:
Lorna Kuney
Communications
[email protected]
(406)442-6633


Press Release Service by Newswire.com

Original Source: Corey Stapleton & The Pretty Pirates Release Second Album 'Anchors Aweigh'
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