PA Court Orders LTC Insurer into Rehabilitation

Senior Health Insurance Company of Pennsylvania (SHIP)
February 4, 2020

A Pennsylvania court has approved the state insurance commissioner’s request to place long-term care insurer Senior Health Insurance Company of Pennsylvania (SHIP) in rehabilitation. Commonwealth Court granted the petition filed by Insurance Commissioner Jessica Altman on the grounds that the company's financial position is "dire." Based on actuarial projections of the long-tail claim exposures, SHIP's liabilities, plus its authorized and issued capital stock, exceeded its admitted assets by more than $474 million as of Dec. 31, 2018, the petition said.


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