The Commonwealth Court in Pennsylvania has approved petitions to liquidate Penn Treaty Network America Insurance Company and American Network Insurance Company, with policyholder claims set to be paid through the state guaranty association system subject to statutory limits and conditions.
After a long and difficult eight-year legal process, the Courts decision to approve the liquidation recognizes the companies financial difficulties are too great to be remedied, and that consumers are best protected through the state guaranty association system, Pennsylvania Insurance Commissioner Teresa Miller said in a press release issued by the Pennsylvania Insurance Department.
Commissioner Miller said in the release that the two companies …
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