NU Online News Service, Sept. 14, 3:25 p.m. – The Arizona Department of Insurance has suspended the license of Penn Treaty Network America Insurance Company, Allentown, Penn., citing the insurer’s excessive losses.
Penn Treaty has not been declared insolvent, and its assets appear adequate to meet its expected claim obligations. However, the department decided to suspend the insurer’s license to prevent it from taking on additional insurance obligations in Arizona
Penn Treaty is the second largest carrier of long term care insurance operating in Arizona with more than 10,000 policyholders. The suspension does not affect in-force policies already issued by the company.