Insurance plan

North Carolina Department of Insurance rehabilitation plan faces legal challenge by Puerto Rico’s largest life insurance company

“Our 252,000 policyholders 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,” says Justin HolbrookGlobal Growth CEO.

ORLANDO, Florida.–(BUSINESS WIRE)–
On Monday, the ten-year rehabilitation plan proposed by the North Carolina Department of Insurance faced a setback when part of it, the Interim Loan Amendment (ILA), was challenged in 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 proposed by the North Carolina Department of Insuranceaccording to North Carolina re-educators and their advice.

As part of the ILA, the North Carolina insurance companies owned by Greg Lindberg their loans to Global Growth subsidiaries would be repaid over a 10-year period. Justin Holbrookthe new CEO of Global Growth, recently proposed a plan to accelerate this timeline from 10 years to 12 months so that policyholders can start receiving their benefits next year rather than in 2029 as the Insurance Department originally proposed.

“Unfortunately, this retrial could easily have been avoided by At Mr. Causey’s team if they had just agreed to work together with all the parties necessary to help policyholders now,” Holbrook said. “For three years, we have been telling Insurance Department that any rehabilitation plan must be comprehensive and include all stakeholders, including ULICO. This is why we tried to bring in the rehabilitators North Carolina and our other stakeholders together. For some reason I don’t understand, At Mr. Causey’s seems more interested in settling old scores than being in the same room with all parties, putting policyholders first and finding workable, common sense solutions that help today’s policyholders.

“I ask again that Mr Causey meet me. To help policyholders, we must move from contestation to cooperation. Our 252,000 policyholders of 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 the 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: businesses 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 2021global growth was led by CEO Justin Holbrook. Prior to Global Growth, Holbrook held executive and leadership positions in business, academia, and the military. He has co-founded several technology companies, managed Silicon Valley efforts to provide life-saving technologies to WE military, ran a pro bono legal clinic for disabled veterans, twice deployed as a military judge advocate in support of Operation Enduring Freedom/Operation Iraqi Freedom, and designed software for conservation participatory content. The recipient of numerous public service and academic awards, Holbrook is a graduate of Harvard Law School and Georgetown University.

www.globalgrowth.com

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Source: Global Growth