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January 09, 2009 at 10:48 AM
A long term care insurer that has entered rehabilitation voluntarily says it may still have a buyer for a key subsidiary.
Penn Treaty American Corp., Allentown, Pa., has responded to an announcement issued Tuesday by Pennsylvania insurance regulators that the company’s Penn Treaty Network America and American Network Insurance Company subsidiaries have entered rehabilitation under orders issued by the Pennsylvania Commonwealth Court.
The subsidiaries are under the statutory control of the Pennsylvania Insurance Department, but Penn Treaty continues to own them, Penn Treaty says.
Penn Treaty announced in October 2008 that the subsidiaries “would voluntarily enter rehabilitation if the company was unsuccessful in its efforts to enter into a transaction prior to January 1, 2009, that provided its insurance subsidiaries with adequate capitalization,” Penn Treaty says.
