North Carolina Department of Insurance rehabilitation plan faces legal challenge by Puerto Rico’s largest life insurance company
ORLANDO, Florida–(BUSINESS WIRE)–On Monday, the 10-year rehabilitation plan proposed by the North Carolina Department of Insurance suffered a setback when part of it, the Interim Lending Amendment (ILA), was challenged in a North Carolina state court by Puerto Rico’s largest life insurance company. , Universal Life Insurance Company (ULICO). The ILA was one of three parts of the 10-year rehabilitation plan offered by the North Carolina Department of Insurance, according to North Carolina rehabilitators and their attorneys.
Under the ILA, the North Carolina insurance companies owned by Greg Lindberg would be repaid loans they made to Global Growth affiliates over a 10-year period. Justin Holbrook, the new CEO of Global Growth, recently proposed a plan to accelerate that timeline from 10 years to 12 months so that policyholders can start receiving their benefits next year rather than in 2029 as the Department of Insurance l originally proposed.
“Unfortunately, this new lawsuit could have been easily avoided by Mr. Causey’s team had they simply agreed to work cooperatively with all parties necessary to help policyholders now,” Holbrook said. “For three years, we have told the Ministry of Insurance that any rehabilitation plan must be comprehensive and include all stakeholders, including ULICO. That’s why we’ve tried to bring together North Carolina rehabilitation workers and our other stakeholders. For some reason that I don’t understand, Mr. Causey’s team seems more interested in settling old scores than being in the same room with all parties, putting policyholders first and finding workable solutions. and common sense that help today’s policyholders.
“I again request that Mr. Causey meet me. To help policyholders, we must move from contestation to cooperation. Our 252,000 policyholders with our North Carolina insurance companies are not interested in further unnecessary litigation. They want us all to put aside our differences and do whatever it takes to get them access to their benefits as soon as possible.
Entities named in the ULICO lawsuit include North Carolina insurance companies affiliated with Global Growth and financial entities that have invested insurance funds on behalf of policyholders. According to Holbrook, these investments continue to perform well, protecting policyholders and their policies.
“Despite this latest lawsuit, our goal remains the same: to help policyholders access their benefits within the next 12 months. They shouldn’t have to wait until 2029 just because Mr. Causey’s team refuses to cooperate with all stakeholders, including the new team at Global Growth.
About Global Growth
Global Growth is a global private investment firm investing in health technology, financial services, collectibles, alternative assets and communications. Our companies operate in more than 20 countries and employ more than 7,500 people worldwide. We were founded over 30 years ago by Greg Lindberg (www.greglindberg.com) on a simple but contrary idea: companies that make the world a better place are more likely to thrive. Since our inception, our investment team has focused on long-term sustainable investment strategies that reflect our business principles. We believe in generating meaningful returns for our stakeholders, delivering innovative, customer-centric solutions, and helping our business leaders have a positive impact on their communities.
Since June 2021, Global Growth has been led by CEO Justin Holbrook. Prior to Global Growth, Holbrook held executive and leadership positions in business, academia, and the military. He co-founded several tech companies, led Silicon Valley efforts to provide life-saving technology to the U.S. military, ran a pro bono legal clinic for disabled veterans, deployed twice as a military judge advocate at the support of Operation Enduring Freedom / Operation Iraqi Liberté and software designed for the curation of crowd-sourced content. The recipient of numerous public service and academic awards, Holbrook is a graduate of Harvard Law School and Georgetown University.