NU Online News Service, April 14, 2003, 11:12 a.m. EDT – Penn Treaty American Corp., Allentown, Pa., says it has received approval from regulators to resume selling long-term care insurance in Arizona.
Arizona once accounted for about 4.5% of Penn Treaty’s LTC insurance sales, the company says.
Penn Treaty helped invent the modern U.S. LTC insurance market. It reported increasing sales, and financial statements prepared according to U.S. Generally Accepted Accounting Principles showed solid profits. But the company stopped selling new LTC policies in late 2001, after regulators suggested that it needed more capital to support the policies it was selling.
Penn Treaty has been working to raise capital and address regulators’ concerns ever since. The company has re-entered many state LTC insurance markets, and it recently announced an agreement that could help it re-enter the California market.