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August 28, 2006 at 01:35 PM
Penn Treaty American Corp. says it now has the audited financial data it needs to complete 2005 statutory financial statements for its insurance subsidiaries.
Delays in getting audited data had forced Penn Treaty to suspend new product sales in Florida.
Penn Treaty, Allentown, Pa., says it now expects to file a 2005 statutory audit report with the Florida Department of Insurance Regulation and agencies in other states in the next few days.
Once the Florida department reviews and approves the Penn Treaty financial data, “Penn Treaty expects to recommence its marketing activities in Florida,” the company says.
The statutory audit led Penn Treaty to increase reserves for current claims by $3.7 million, but that amount equals just 0.3% of total gross reserves and 1% of gross claim reserves, Penn Treaty estimates.
“This change in reserves has no impact on the insurance subsidiaries’ statutory surplus due to the company’s reinsurance agreements,” Penn Treaty says.
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