A long term care insurer says it will be correcting just a single year of financial statements.
Penn Treaty American Corp., Allentown, Pa., says it will restate financial statements for 2005 because of errors that increased the company’s reported book value by about $1 million.
“The impact of these errors is not material to periods prior to 2005; therefore, the company will not restate accounting periods prior to 2005,” Penn Treaty says.