Correction Note from Author (Published in May 2004 issue)

E-mail Story
Print Story
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.
















The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at public practitioners, management, educators, and other accounting professionals. It is edited by CPAs for CPAs. Our goal is to provide CPAs and other accounting professionals with the information and news to enable them to be successful accountants, managers, and executives in today's practice environments.

©2009 The New York State Society of CPAs. Legal Notices