Long-Term Care Rate Filing - Berkshire Life Insurance Company of America (Individual)
Rate request: 25 percent average increase
Decision: Disapproved on September 10, 2014
On May 9, 2014, Berkshire Life Insurance Company of America requested an average increase of 25 percent for its individual long-term care plans. The plans were issued between 2005 and 2009 are no longer being marketed. There are 101 policies currently in effect in Connecticut.
The company said it sought the increase because the current premium rates are no longer adequate in relation to the higher cost of benefits expected to be paid to policyholders over the life of the policies. This is the first rate increase the company has requested for this particular block of business.
After an actuarial review, the Department determined that the company’s claims experience both in Connecticut and nationwide is performing better than expected. As a result, the Department disapproved the rate request on September 10, 2014, ruling that the current rates are neither excessive, inadequate or unfairly discriminatory.
Content Last Modified on 9/10/2014 12:27:09 PM