The North Carolina Court of Appeals has confirmed strict limits on how businessman Greg E. Lindberg and his affiliated companies can handle certain assets, keeping a close eye on their activities to protect insurance policyholders. On December 17, 2025, the court upheld a key receivership ruling and rejected Lindberg’s attempt to challenge an expanded restraining order.
The case centers on four insurance companies Lindberg bought in 2014. These insurers—Southland National Insurance Corporation, Bankers Life Insurance Company, Colorado Bankers Life Insurance Company, and Southland National Reinsurance Corporation—were moved to North Carolina under Lindberg’s ownership. Initially, an agreement allowed them to invest up to 40% of their assets in companies tied to Lindberg. This resulted in about $1.2 billion of policyholder funds being tied up in non-insurance businesses controlled by him.
When Mike Causey became North Carolina’s Insurance Commissioner in 2016, he cut that investment limit from 40% to 10%. With a deadline for companies to adjust their investments approaching, officials grew worried that these insurers might not have enough money on hand to meet their policyholder obligations.
To address this, a 2019 agreement put certain borrower companies—called Specified Affiliated Companies (SACs)—under a new holding company with an independent board set up to protect policyholders. That same year, Lindberg agreed the insurers would enter rehabilitation, a step towards financial oversight. However, the SACs were not placed under the new holding company by the agreed deadline. The insurers sued for breach of contract and fraud, seeking court orders to enforce the deal and prevent asset sales or transfers that could reduce value.
In October 2019, a judge issued a temporary restraining order (TRO) barring the defendants from selling or moving those assets. Over time, that order was extended and strengthened, especially after reports surfaced in 2024 that Lindberg’s companies had made large questionable transfers—including one of $633 million—and paid significant personal expenses from these funds.
The court appointed Bill Janvier as a limited receiver to oversee compliance. When Lindberg’s team asked for permission to allow the receiver to approve transfers to cover Global Growth Holdings’ expenses—whether personal or business—the request was denied. The court saw the receiver as a court agent with broad authority to monitor and control the receivership.
On appeal, the Court of Appeals found it had jurisdiction because the orders significantly affected Lindberg’s ability to control his assets. However, it dismissed Lindberg’s challenge to some of the expanded restrictions due to procedural issues.
This ruling emphasizes North Carolina’s firm approach in overseeing troubled insurers and using court-appointed receivers to protect policyholders. It highlights how the state is willing to maintain tight control over complicated investment arrangements to prevent harm to the people who hold insurance policies.