Court Upholds Liquidation Order for N.C. Insurers Bankers Life and Colorado Bankers Life

RALEIGH, N.C. — The North Carolina Court of Appeals has upheld a trial court’s liquidation order for Bankers Life Insurance Co. (BLC) and Colorado Bankers Life Insurance Co. (CBLIC), affirming that their owner, CBIG Holdings LLC, lacked standing to oppose the liquidation.

In a March 5 opinion, the appellate panel further ruled that the record “is replete with evidence” that the insurers are insolvent and unable to pay their policyholders.

Southland National Insurance Corp., BLC and CBLIC are North Carolina-licensed insurers owned by GBIG Holdings LLC, which was in turn owned by Greg Lindberg.

On Oct. 18, 2018, the insurers …