Penn Treaty, Imagine International dispute LTC reinsurance

08/26/2008 |

Two subsidiaries of Pennsylvania-based Penn Treaty American Corp. have accused their reinsurer, Imagine International Reinsurance Ltd., of violating its contract for not backing some long-term care insurance policies. The reinsurer claims that Penn "failed to obtain an obligatory premium rate increase as the result of regulatory action or inaction." Penn disagrees, and the dispute will be settled in arbitration. Policyholders should not be affected.

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