Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance > Term Insurance

Penn Treaty Returns To Michigan LTC Market

Your article was successfully shared with the contacts you provided.

NU Online News Service, April 23, 2003, 11:17 a.m. EDT – Penn Treaty American Corp., Allentown, Pa., says it has received regulatory approval to resume selling long-term care insurance in Michigan.

But Penn Treaty, which will be selling coverage through its Penn Treaty Network America Insurance Company subsidiary, notes that it must get approval from the Michigan insurance commissioner before it can generate more than $1.5 million in annual sales to Michigan residents.

Michigan once accounted for about 1.5% of Penn Treaty’s sales, the company says.

Penn Treaty helped develop the modern LTC insurance market, but it stopped selling new LTC policies in September 2001 because of regulators’ concerns that its sales were outstripping its capital reserves.

The company has been working since then to raise capital and get back into the LTC market.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.