A court has blocked the liquidation of Penn Treaty. Says DOI did not do enough to rehabilitate the company.
Court Blocks Liquidation of Penn Treaty | LifeHealthPro
Court Blocks Liquidation of Penn Treaty | LifeHealthPro
Pennn Treaty May Survive
- Thread starter rousemark
- Start date
Arthur Rudnick
Guru
- 1,652
Interesting.........
I'm not sure what this means and the effect (if any) it will have on the industry.
This is BIG news and I'm sure we'll hear more shortly.
And, at the end of the day, if they do survive and resurface as a revamped company, what agent in their right mind would sell a policy from them?
I'm not sure what this means and the effect (if any) it will have on the industry.
This is BIG news and I'm sure we'll hear more shortly.
And, at the end of the day, if they do survive and resurface as a revamped company, what agent in their right mind would sell a policy from them?
Last edited:
- Thread starter
- #3
Well, there are a bunch of us selling FE for a company that was forced into receivership and then came out of it by being sold to NGL.. They are now Best Rated.. A- and are a great company to deal with.
- 1,255
CONSECO is still selling.
Penn Treaty stayin alive!!!
My clients are still covered!!!
Penn Treaty stayin alive!!!
My clients are still covered!!!
- 14,809
Court to Penn Treaty; shut up and just pay your claims.
not quite...
the court's message was to the regulators, not the insurer. The message was:
RAISE THE PREMIUMS OF THE IN-FORCE POLICYHOLDERS
mred
Arthur Rudnick
Guru
- 1,652
Which is a horrible precedent. Future rate increase requests may now be approved automatically, regardless of the amount of the increase asked for.
In the past, state regulators could look at the request of an 80% increase and either approve, deny or approve at a reduced rate. If they now approved at the amount requested, premiums will spiral out of control and be unaffordable for every policyholder.
This story is far from over.........
