On January 29, 2020, Senior Health Insurance Company of Pennsylvania (SHIP) was placed in rehabilitation by the Commonwealth Court of Pennsylvania (the Court). This action was taken with the consent of SHIP’s board of directors and of the trustees of the Senior Health Care Oversight Trust, which owns SHIP. The Court appointed Pennsylvania Insurance Commissioner Jessica K. Altman (the Commissioner) as Rehabilitator. The Commissioner and the Pennsylvania Insurance Department (Department)’s Office of Liquidations, Rehabilitations and Special Funds (OLRSF), under the direction of Deputy Commissioner Laura Lyon Slaymaker, are in charge of SHIP’s rehabilitation, as they are of all Pennsylvania insurance liquidations and rehabilitations. The Commissioner has appointed Patrick H. Cantilo as Special Deputy Rehabilitator (SDR). He will work with the Rehabilitation Management Team (RMT) to direct SHIP’s rehabilitation.
Rehabilitation is a court supervised process intended to remedy the company’s financial deterioration for the benefit of policyholders and creditors. The Rehabilitator and the SDR, in conjunction with the RMT, are charged with the protection of SHIP’s policyholders, creditors, and the public. The RMT’s actions are dictated by the laws and regulations of Pennsylvania and are subject to review by the Commonwealth Court.