NU Online News Service, Oct. 4, 2004, 5:46 p.m. EDT
Penn Treaty American Corp., Allentown, Pa., has received permission from Georgia regulators to resume selling long term care insurance in Georgia.[@@]
Penn Treaty now has permission to sell LTC insurance in 41 states.
Penn Treaty will be selling its home health care, Personal Freedom long term care and Secured Risk products in Georgia through independently licensed agents. The company also is seeking permission from regulators to sell its new LTC policies in Georgia, the company says.
Penn Treaty helped develop the modern LTC insurance market, but it ran into problems with regulators in 2001 when regulators suggested that the company’s sales might have outstripped its reserves.
The company suspended sales of new LTC policies, obtained new sources of capital and began applying for permission to resume new LTC sales on a state-by-state basis.