On June 27, 2019, Colorado Bankers Life and other companies under the Global Bankers Insurance Group umbrella were placed into rehabilitation by the Superior Court of Wake County, North Carolina. They all claim to have sold insurance policies issued by Colorado Bankers Life Insurance, one of three firms under Lindberg's Global Growth that are currently in state-ordered rehabilitation. The order becomes effective as of the first month-end occurring on or subsequent to 90 days after the later of: Information about the companies liquidation can be found on the North Carolina Department of Insurance and the companies websites: Once a final court order is issued granting liquidation, the life and health insurance guaranty associations in the states where Bankers Life and Colorado Bankers Life were licensed to do business will be tasked with continuing coverage and paying eligible claims, subject to guaranty association coverage limits and the terms and conditions of coverage. Multi-year guaranteed annuities (MYGA) are a type of fixed annuity offering a guaranteed fixed interest rate for a defined period of time (usually between three and 10 years). In 2015, Colorado Bankers Life joined Global Bankers Insurance Group, an international family of insurance and reinsurance companies focused on retirement, annuities and life insurance. Colorado Bankers Life was founded in 1974 and joined the Global Bankers Insurance Group in 2015. . Categories: Investor Alerts, Variable Annuities Tags: Variable Annuities, Did you lose money investing with David Maute (CRD# 4307126)? Document Entity Terms. (2019, June 27). Document Organization. Aug 2013 - Mar 20148 months. He's helped over 1,500 people with their life insurance needs across the country. But you cant get a quote online. A lock icon or https:// means youve safely connected to the official website. I just learned about this on 7/23/2021!! One of our content team members will be in touch with you soon. hb```vaAd`0p8h|VGCJ (f`LBL>3}ccpuu10hi```~7v,D
The Rehabilitator is currently evaluating the Companiesin-force policies, by policy type,investments,as well as reinsurance programs in furtherance of determining the feasibility of a successfulrehabilitationof the Companies. Liquidation Petition filed against Colorado Bankers Life, et al. A North Carolina judge approved the state insurance department's takeover of the life insurers being operated as Global Bankers Insurance Group LLC, The Wall Street Journal reported. On October 19, 2022 my sister . And by the way, if you can click here to learn more about the potentially FREE benefits that the government may provide people who are disabled or retired on a fixed income! Without an appeal . regulatory actions. The parties filed their rehabilitation plan with the trial court on August 8, 2019. Get started with a free estimate and see what your payments are worth today! Policyholders can also check the status of Colorado Bankers Life Insurance through the rehabilitators Quarterly Reports. 1201 Mail Service Center Information on the memorandum of understanding and hardship application can be found on the company websites:Colorado Bankers Life, Bankers Life Insurance Company,and Southland National Insurance Company. Colorado Bankers Life was placed into rehabilitation on June 27, 2019, by the Superior Court of Wake County, North Carolina. Guaranteed coverage amounts typically vary from $100,000 to $500,000 in benefits. (2020, March 5). Please refer to the links below for important information. Last update 02/13/2023. Because they are fixed-rate annuities, MYGAs are not subject to market volatility and therefore offer a potentially safer way to grow your money. Schell, Jennifer. 325 N. Salisbury Street www.securitieslawyer.com/colorado-bankers-life-insurance/, Mozilla/5.0 (iPhone; CPU iPhone OS 15_4_1 like Mac OS X) AppleWebKit/605.1.15 (KHTML, like Gecko) Version/15.4 Mobile/15E148 Safari/604.1. Turn your future payments into cash you can use right now. Annuity.org. Please review the instructions,checklistand call us with questions. In the fourth quarter of 2021, Actuarial Management Resources began servicing the company . Please call us using the phone number listed on this page. The company now has $2.3 billion in assets under management and plans to issue new . This includes A.M. Best, Standard and Poor's and Fitch rating. Retrieved from, United States Department of Justice. Generated reports for the . By clicking Accept, you consent to the use of ALL the cookies. Timothy Li, MBA, has dedicated his career to increasing profitability for his clients, including Fortune 500 companies. Service you can trust. The assets, many times are large, can pay the covered claims. Contact Information for Colorado Bankers Life Policyholders. Report. Here for you at every step. If you would like to view content for a different state, you can do so by changing the ZIP Code below. A few simple steps used to be enough to control financial stress, but COVID and student loan debt are forcing people to take new routes to financial wellness. Colorado Bankers Life Insurance Company, Bankers Life Insurance Company, and Southland National Insurance Corporation, (collectively the "Companies") consented to an Order of Rehabilitation entered on June 27, 2019 ("Order"), by the Superior Court of Wake County, North Carolina ("Court") pursuant to a . You also have the option to opt-out of these cookies. Josie Tuff, rehabilitation team leader at Maximus UK, which provides employment, health and disability support programs to employers, says taking it slow is essential. Details Here. Latest Status as of August 10, 2022 - Click Here Privacy Statement Terms of Use. (n.d.). Colorado Bankers Life sells Retirement Income Health Expenses Retirement Care and Final Expense Insurance. hbbd```b``"IQf D./I0
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These cookies do not store any personal information. Policyholders can follow the status of the company, explore previously offered products and find contact information relating to their policies. If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117. COLORADO BANKERS LIFE INSURANCE COMPANY BANKERS LIFE INSURANCE COMPANY SOUTHLAND NATIONAL INSURANCE CORPORATION FREQUENTLY ASKED QUESTIONS Updated February 13, 2020 . In the fourth quarter of 2021, Actuarial Management Resources began servicing the companys business. State Governments protect policyholders if the company goes out of business with state insurance regulators who monitor life insurance companies financial well-being. Colorado Bankers Life will continue pursuing Mr. Lindberg and his companies by all legal means in order E . If you suffered losses investing with James OReilly, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial IndustryRead More, Toll-Free (800) 405-5117Facsimile (800) 405-5910Decatur, Georgia (Available For Consultation Upon Request)(404) 882-8525, 2023 GALVIN LEGAL, PLLCDisclaimer | Privacy PolicyAttorney AdvertisingJames P. Galvin, Esq. Original review: Nov. 6, 2022. Bankers Life Insurance Company P.O. The insurance companies have been making payments and will continue to make payments; for death claims, health insurance claims, required minimum distributions from IRAs and for annuities that reach their maturity date. Several policyholders with Colorado Bankers Life Insurance and Bankers Life Insurancethe two companies affected by the filingcheered the state's move and are hopeful for liquidation, which . All rights reserved. In 2018, Bankers Life paid life insurance claims to over 700,000 policyholders, totaling $187 million. I have also e-mailed this business and have not received any response back. That same day, the trial court gave preliminary approval to the plan at the request of the rehabilitator. Once youve been matched, consult for free with no obligation. The recent unsealing of a lawsuit filed on behalf of a group of North Carolina life insurers in receivership has spurred new allegations from an entity objecting to the rehabilitation plan of Pavonia Life Insurance Co. of Michigan, which would end with the insurer's sale to an Ares Management Corp. subsidiary. Mike Dinius and JohnMurphy of Noble will act for theRehabilitator in the rehabilitation proceeding, under the title of Special Deputy Rehabilitators. We appreciate your feedback. Annuity.org has provided reliable, accurate financial information to consumers since 2013. Learn about the different types of annuities and find out which one is right for you. The hardship payments will be in addition to other exceptions to the moratorium. . hbbd```b``"A$ ""`R,
V&I0|lf6! . Annuity.org content is meticulously reviewed to ensure it meets our high standards for readability, accuracy, fairness and transparency. Liquidation Petition filed against Colorado Bankers Life, et al. Many providers extend provisions that allow partial withdrawals yearly without a penalty. The higher the rating, the more likely an insurance company can uphold its end of an annuity contract. The negative customer service reviews, a rating under review by AM Best, and the high number of complaints are many reasons to choose a better-qualified insurance company. The goal of the Rehabilitator is to reduce the amount of affiliatedinvestments and to increase thelong-term liquidity of the Companies. Bankers Life is accredited by the Better Business Bureau with an A rating as of April 2017, in addition to receiving an A . In the past, as an annuity provider, Colorado Bankers Life offered several types of Multi-Year Guaranteed Annuities. We recommend choosing a better business for your life insurance. State Government websites value user privacy. This company has licensing in all states and branches all across our nation. The moratorium was initiated on 6/27/2019. They say they sell retirement plans, health supplements, long-term, annuities and 4 more types, including final expense insurance. If you are the site owner (or you manage this site), please whitelist your IP or if you think this block is an error please open a support ticket and make sure to include the block details (displayed in the box below), so we can assist you in troubleshooting the issue. You can also defer any taxes on MYGAs until money is taken out. Withdrawals . Our objective is to deliver the most comprehensive explanation of annuities and financial literacy topics using plain, straightforward language. Read the full story View all news. State Government websites value user privacy. Raleigh NC 27699-1201, Contact NCDOIEmployee DirectoryCareers at NCDOICalendar, An official website of the State of North Carolina. In April 2019, ultimate controlling shareholder Greg Lindberg was indicted in a federal investigation related to charges of wire fraud. In this article, I will talk about facts that you need to know to help you out and benefit you the most that you can. Annuity contract owners with a current account value of $1,000 or greater have the option to withdraw 10% of the account value, up to a total maximum of $15,000 per contract owner. State Government websites value user privacy. Update Location. This site provides life insurance information and quotes. 0
On June 27, 2019, Southland National Insurance Corporation, Colorado Bankers Life Insurance Company, Bankers Life Insurance Company and Southland National Reinsurance Corporation (hereinafter "Companies") were placed in rehabilitation by order of the Superior Court of Wake County, North Carolina, with the consent of the Board of Directors and the Controlling Shareholder. To learn more, view our full privacy policy. The company over Colorado Bankers and other insurance firms tied to indicted entrepreneur Greg Lindberg is planning to appeal a Wake County judge's liquidation order. This category only includes cookies that ensures basic functionalities and security features of the website. Click on the name of the form you need from the list below: Address Change Affidavit. On May 18, 2022, the Court has issued a judgment in the on-going case concerning Colorado Bankers Life Insurance Company. h_O8GZU*eVw-. PBLA has yet to comply with the payment obligation and, through its counsel, has advised . I invested money and know I cannot acces my money . A.M. Best:008502 - NAIC:84786 - FEIN:840674027. If you are here to learn a little about Colorado Bankers Life Company or wonder the reasons associated with what to do or what details are needed or who to call or make a report to remedy your questions or file a claim to the best extent possible, then perfect! 69 0 obj
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I thinkd ****************** knew that CBLife . Annuity.org editors may revise content for clarity, logic, flow and meaning. Physical Address: AM Best Changes Credit Ratings of Colorado Bankers Life Insurance Company and Bankers Life Insurance Company Following Regulatory Action June 27, 2019 04:54 PM Eastern Daylight Time Raleigh NC 27603-5926, Mailing Address: Beneficiary Change Form. Colorado Bankers Life Insurance Co. 833-658-2841. On March 5, 2020, Lindberg and an associate were convicted of wire fraud, public corruption and bribery charges. Federal Jury Convicts Founder and Chairman of a Multinational Investment Company and a Company Consultant of Public Corruption and Bribery Charges. On August 4, 2022, the Court issued a further ruling in the MOU case. Colorado Bankers Life Company Information. At Bankers Life, our goal is to provide excellent service to every policyholder. State regulators moved to have the life insurers placed into rehabilitation after securing the agreement of owner Greg Lindberg and the insurers' boards. If you suffered losses investing with David Maute, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial IndustryRead More, Did you lose money investing with James OReilly (CRD# 2209758)? Colorado Bankers Life Insurance Company. By simply filling out the form that you see on your screen or at the top of your phone, you can get the necessary information where you see the words Get Your Life Insurance Quote Now. Due tothe issues with the Companies investments, it was necessary to place the Companies under Courtprotection so that the investment issues couldbe addressed in an orderly fashion by the Rehabilitatorunder Courtsupervision. Colorado Bankers Life Insurance Company, Bankers Life Insurance Company, Southland National Insurance Corporation, and Southland National Reinsurance Corporation, consented to an Order of Rehabilitation entered on June 27, 2019, by the Superior Court of Wake County, North Carolina ("Court") pursuant to a petition filed by the Commissioner of Insurance of the State of North Carolina, Mike . Secure websites use HTTPS certificates. This wasdone toprotecttheoverallaccountvaluesof theCompaniesannuityholdersandtheinterestsofall policyholders. Bankers Life Insurance Co. 833-658-2840, Colorado Bankers Life Insurance Co. 833-658-2841. This company should be charged with fraud. The group controlled Bankers Life Insurance Co., Colorado Bankers Life Insurance Co. and Southland National Insurance Corp. A North Carolina state court put the companies in rehabilitation in June . COVID-19 Update: Protecting Your Health and Well-being. Retrieved from. Read about all the new happenings! Credit ratings are issued by independent credit rating agencies. In his role as rehabilitator of the three companies, Commissioner Causey has raised the maximum amount of liquid assets that . Colorado Bankers Life FAQs Liquidation Order 1.30.23.pdf. Your web browser is no longer supported by Microsoft. If you suffered losses investing in Colorado Bankers Life Insurance Annuities and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117. Last update 02/13/2023 . I am 67 years old and I have lost acces to my retirement fund. PDF 119.42 KB - January 31, 2023 Insurance Companies. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines. These included a tax-deferred, interest-bearing annuity contract and multi-year guaranteed rates with death benefits and no front-end loads or policy fees. I called and was told that they are in Rehabilitation due to "financial . Important information from that ruling can be found here. When an insurance company goes through bankruptcy, the insurance coverage will continue, and policy claims will be covered and paid by state insurance guaranty associations, subject to each state's coverage limits. Managed Raiser's Edge database of individual and prospective donors, corporations, and foundations. Colorado Bankers Life Insurance Company (sometimes shortened to CBLife) was founded in 1974. Bank Authorization Form. is a Member of the Florida Bar and the State Bar of Georgia. We are off to a flying start at the NC Department of Insurance at the start of 2023! Total of $300,000 in life insurance death benefits, Total of $100,000 in cash surrender or withdrawal values for life insurance, Total of $250,000 in the present value of annuity benefits, including net cash surrender/withdrawal values, Total of $500,000 in major medical or basic hospital, medical and surgical insurance policy benefits, Total of $300,000 in long term care insurance policy benefits, Total of $300,000 in disability insurance policy benefits, Total of $100,000 in other health insurance benefits. Since Colorado Bankers Life are in rehabilitation and many complaints and lawsuits. On June 27, 2019, Colorado Bankers Life and other companies under the Global Bankers Insurance Group umbrella were placed into rehabilitation by the Superior Court of Wake County, North Carolina. In most states, the aggregate benefit level for an individual life in any one insolvency is $300,000 (except if there . It acquired F&G Re in December 2020. Annuity.org. October 8, 2021. Box 11948 Winston-Salem NC 27116. . , , 10 . 2019 US Life/Health Impairments Update Ten companies became impaired in . Calling this number connects you to Senior Market Sales (SMS), a trusted partner of Annuity.org. Colorado Bankers Life Insurance Company (NC) Webpage: Colorado Bankers Life Insurance Company Rehabilitation. Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. Retrieved March 4, 2023, from https://www.annuity.org/annuities/providers/colorado-bankers-life/. You can count on us to make your life easier when it comes to your claims. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Details Here, On December 30, 2022, the judge signed the Order of Liquidation. If you suffered losses investing in Colorado Bankers Life Insurance Annuities and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117. endstream
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Phone: (805) 304-1376 Email: michael.chabot@ As Producing . We are Independent Broker Professionals that can shop around for the absolute best program that suits you. A lock icon or https:// means youve safely connected to the official website. Bankers Life offers supplemental health insurance, long-term care insurance, and annuities in addition to four different types of life insurance. Copyright 1999 2023 GoDaddy Operating Company, LLC. Access from your Country was disabled by the administrator. PDF 615.27 KB - November 08, 2022. On June 2, an arbitration panel ordered PBLA to pay more than $524 million by June 16, the lawsuit claims. What: Wellspring Battle of the Bands, featuring four bands and a silent auction fundraiser for Wellspring London in support of cancer patients and their families. Physical Address: On BBB site for Colorado Bankers Life. This includes reputable industry sources, select financial publications, credible nonprofits, official government reports, court records and interviews with qualified experts. We will be able to tell you within 5 minutes, without any obligation, that we can help you access free government benefits that you couldnt previously have while gaining back some of your money spent already. APA 57 0 obj
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In just a few minutes, you can get access to free government benefits that you didnt previously have and gain back some of the money you have spent already. Privacy Policy Terms And Conditions Sitemap Insurance Carriers Represented Licenses, Compare quotes from top insurance carriers. This information is all publicly available and is being provided to you by Galvin Legal, PLLC. Order Approving Moratorium on Policy Surrenders, View the quarterly reports for the rehabilitation process as filed with the Insurance Commissioner. SMS is committed to excellent customer service. Final expense insurance offers coverage for burial and funeral costs and is more affordable. NC Department of Insurance The hardship program provides an exception to the court-ordered moratorium to assist customers who are in immediate need of funds so that they may meet everyday living expenses.. Our goal is to provide excellent service to every policyholder and make your life easier when it comes to your claims. AM Best Changes Credit Ratings of Colorado Bankers Life Insurance Co. and Bankers Life Insurance Co. Because missing important news and updates could cost you. Disaster Hardship Package; Order Approving Moratorium on Policy Surrenders; Consent Order of Rehabilitation; View the quarterly reports for the rehabilitation process as filed with the Insurance Commissioner. You have found the right article. When: Friday, 6:15 p.m . Secure websites use HTTPS certificates. Good morning. These cookies will be stored in your browser only with your consent. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. North Carolina Insurance Commissioner Mike Causey announced that the hardship eligibility programs for policyholders of Colorado Bankers Life Insurance Company, Bankers Life Insurance Co. and Southland National Life Insurance Corp. have been expanded effective July 27. Important Forms. For Colorado Bankers Life policies: 1-800-367-7814 For Bankers Life policies: 1-800-839-2731 For Southland National policies: 1-833-452-4240 Thank you in advance for your attention .
If you suffered losses investing in the investment, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (FINRA) arbitration claim against the brokerage firm that recommended the investment. Colorado Bankers Life Insurance Company, Bankers Life Insurance Company, Southland NationalInsurance Corporation, and Southland National Reinsurance Corporation, consentedto an Orderof RehabilitationenteredonJune27, 2019, by the Superior Court of WakeCounty, North Carolina (Court) pursuant to a petition filed by the Commissioner of Insurance of the Stateof North Carolina, Mike Causey. Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with David Maute. He estimates Colorado Bankers owes him in excess of $300,000 in unpaid commissions. Good news is that in many circumstances, we can get a better price for coverage out there than a lot of other carriers can provide. Research the ratings of the company youre considering for an annuity before you make a purchase. Please wait a moment and try again. So the good news is that we can get a better price for coverage out there in many circumstances than a lot of other carriers can provide. We can help you to get burial insurance quotes for: We have the sole purpose of getting you more choices that are tailored for your family and you so you have the best possible insurance that you decide and what is more important to you. ballon 2021/2022 PRESTIGE MP (310g) 236121:20220920203208-00346!PayPay! . Posted 8:44 p.m. Nov 22 . In 2018, Bankers Life paid long-term care insurance claims to over 250,000 policyholders, totaling $541 million. Necessary cookies are absolutely essential for the website to function properly. I invested 50,000.oo dollors and now I can not acces my money. And many times, you could even qualify for a better policy that will start immediately. Home Page. Colorado Bankers Life is currently in rehabilitation and is not offering products for purchase. The state Department of Insurance says the decision will allow more policyholders with Colorado Bankers Life Insurance and Bankers Life Insurance to recoup losses. I feel like I was scammed by *****************. MLA The commissioner then asks the state court to order the company to be liquidated. Read about all the new happenings! 325 N. Salisbury Street This information is all publicly available and is being provided to you by Galvin Legal, PLLC. We also use third-party cookies that help us analyze and understand how you use this website. This period is known as rehabilitation. Retrieved from, National Organization of Life & Health Insurance Guaranty Associations. I am never able to speak to someone voice to voice because the line is always disconnected before anyone picks up. endstream
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<. US Department of Justice Indictment of Greg Lindberg. CBLife Annuities. (n.d.). Savannah Hanson is an accomplished writer, editor and content marketer. Learn how an investment today can provide guaranteed income for life. In 2019, it was placed into rehabilitation and is not currently selling products. 51 0 obj
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A North Carolina Superior Court gave approval to the state's insurance regulator to modify the moratorium on insurance businessman Greg Lindberg's financially impaired Colorado Bankers and . Annuity.org, 7 Feb 2023, https://www.annuity.org/annuities/providers/colorado-bankers-life/. Request a Free Consultation with a Securities Attorney. Mailing AddressBuyLifeInsuranceForBurial.comPO Box 123Chattanooga, TN 37343Contact Us HerePhone: 888-626-0439Hours: Monday - Friday, 8AM EST - 8PM EST, Copyright 2021- BuyLifeInsuranceForBurial.com All rights reserved. endstream
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Colorado Bankers Life Insurance Company (NC) 84786: In Rehabilitation: Confederation Life Insurance & Annuity Co (CLIAC) (GA) 99384: Released from Oversight: Confederation Life Insurance Company (CLIC) (MI) 80667: 08/12/1994: Diamond Benefits Life Insurance Company/Life Assurance Company of Pennsylvania (AZ) 74969: 02/28/1992: Executive Life . Raleigh NC 27699-1201, Contact NCDOIEmployee DirectoryCareers at NCDOICalendar, An official website of the State of North Carolina. Update your browser for more security, speed and compatibility. She joined Annuity.org as a financial editor in 2021 and uses her passion for educating readers on complex topics to guide visitors toward the path of financial literacy. Contact Information: Policyholders with questions about policies, claims, or related to liquidation should call the numbers below for more information or assistance: the decision of the North Carolina Court of Appeals affirming the order and further review of the decision is not sought; an order by the North Carolina Supreme Court denying review of the case; or. (n.d.). Were you able to find the information you were looking for on Annuity.org? Bankers Life Insurance Co.: The company had $54.5 million of affiliated investments, about 16% of the admitted assets. The insurers that are acting as the plaintiffs in the case say Lindberg's private companies owe them $1.3 billion, according to the Wall Street Journal reporters' summary of court documents . Compare, and You will be happy you took the time. (n.d.). The Court appointed the Commissioner as Rehabilitator of the Companies. "Colorado Bankers Life." a decision of the North Carolina Supreme Court affirming the order. North Carolina Insurance Commissioner Mike Causey announced that the hardship eligibility programs for policyholders of Colorado Bankers Life Insurance Company, Bankers Life Insurance Co. and Southland National Life Insurance Corp. have been expanded effective July 27. Raleigh NC 27699-1201, Contact NCDOIEmployee DirectoryCareers at NCDOICalendar, An official website of the State of North Carolina, Commissioner Causey expands hardship eligibility programs for Greg Lindbergs former insurance companies. Retrieved from, Colorado Bankers Life Insurance Company. The letter will show how to submit their request. His clients came out more favorably, as most just had thousands of dollars in specialized life insurance . She is proud to be a member of the National Association for Fixed Annuities (NAFA) as well as the National Association of Insurance and Financial Advisors (NAIFA). Following regulatory action against Colorado Bankers Life, AM Best changed its rating of the company from a B++ to a non-rating designation of E (Under Regulatory Supervision). Kurtzman Carson Consultants LLC (KKC) is the administrator of this process.