Oh what a tangled web
“A businessman and political donor … has been sued by Universal Life Insurance Company (ULICO) over a personal guaranty Lindberg made to back PB Life and Annuity Company.”
It appears that the companies had come together to form a reinsurance agreement (this is essentially a contract that helps minimize risks that carriers take on, more here). and it seems that one of the parties has been … negligent … in holding up his end:
“ULICO alleged that PB Life was not in compliance with the reinsurance agreement because 65% of the investments of the trust fund were in loan obligations to affiliates of PB Life which exceeded the threshold of 10% established by the insurance code.”
As FoIB (and extremely knowledgeable carrier rep) Brian D explains:
“This guy doesn’t stand a chance. PB Life is out of compliance. The worst part of this (agreed it’s a poorly written) story is what Lindberg’s connection is to PB Life and why he would ever personally guarantee a loan of that size. Seems ridiculous. But as a reinsurance entity, you cannot have 65% of your assets in loan obligations. Not in this economy. That is insane.”
Oh, I think we can tell right away why Mr Lindberg agreed to underwater this out of pocket.
Will be interesting to see how this plays out.
Stay tuned….
Source: http://insureblog.blogspot.com/2020/08/oh-what-tangled-web.html
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