Printer Friendly


My article "Long-Term Care Insurance" (The CPA Journal, September 2003) incorrectly stated that Penn Treaty Network America Insurance Company (PTNA) went bankrupt in 2001. In fact, PTNA has never filed for bankruptcy. The article also states that New York State allowed PTNA to raise premiums more than 40% so it could continue to service its LTCI policies. This statement is also incorrect. According to information received from PTNA, the company is not licensed in New York and therefore does not sell insurance in the state of New York. American Independent Network Insurance Company of New York (AINIC), however, a PTNA affiliate, does market LTCI products in New York. AINIC has not filed for, nor has it ever received approval of, rate increases on its LTCI products in New York. PTNA and AINIC, along with American Network Insurance Company, are wholly owned direct and indirect subsidiaries of Penn Treaty American Corporation (NYSE: PTA).

I'm grateful for the opportunity to correct and clarify misstatements in my article, and to apologize for these errors.

Alfred C. Clapp, Jr.

President, Financial Strategies and Services Corp.

Bronxville, N.Y.

COPYRIGHT 2004 New York State Society of Certified Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Author:Clapp, Alfred C., Jr.
Publication:The CPA Journal
Article Type:Correction Notice
Date:May 1, 2004
Previous Article:Rededicating the profession to the public trust.
Next Article:Regulation of professions by interstate compact.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters