If you have an insurance policy from Penn Treaty Network America Insurance Company or its sister company, American Network Insurance Company, watch your mailbox.
The same is true if you have been an agent for either company.
Patrick Cantilo, the special deputy rehabilitator who is managing the companies’ operations, says in a letter posted on the Penn Treaty website that the rehabilitation team is preparing communications to help policyholders and agents understand draft rehabilitation plans that were filed with a state court April 30.
The team hopes to mail the information to agents and policyholders within the next several weeks, Cantilo said.
Agents and policyholders need not take any action until the court acts on the proposed rehabilitation plans, Cantilo said.
The court probably will establish a formal comment period, and the rehabilitation team itself is accepting informal comments at Penn Treaty’s offices in Allentown, Pa., Cantilo said.
The rehabilitation team has suggested that it needs to cut Penn Treaty long-term care insurance (LTCI) policy benefits, increase LTCI policy premiums by an average of 300 percent, or come up with some comparable package of benefits cuts and premium increases.
Interested parties also can e-mail comments to [email protected]