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February 24, 2002 at 07:00 PM
Penn Treaty Subsidiaries Given OK To Write New LTC Policies
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The Pennsylvania Insurance Department has approved a plan that lets two key subsidiaries of Penn Treaty American Corp., Allentown, Pa., return to the long term care insurance market in Pennsylvania and 22 other states.
Penn Treaty, one of the insurers that developed the modern U.S. LTC insurance industry, reported strong sales, but it ran into trouble in early 2001, when some state regulators asked whether it had enough capital to support its growth.
Penn Treaty agreed in September 2001 to suspend new LTC insurance sales while it dealt with regulators concerns.
Centre Solutions (Bermuda) Ltd. helped by agreeing to reinsure the in-force LTC policies at Penn Treaty Network America Insurance Company and American Network Insurance Company, Penn Treaty says.
