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Berkshire Life Insurance Company of America – Individual (2004-2012)

Rate request: 34.9 average percent increase

Decision: Disapproved, limited to 10% or 19.5% increase

On March 30, 2020 Berkshire Life Insurance Company of America requested an average increase of 34.9 percent for several of its individual long-term care plans. The plans were marketed from 2004 to 2012 and are no longer being marketed. There are approximately 125 policies currently in effect in Connecticut.

The company said it sought the increase because projected experience is now worse that what original pricing assumptions were projecting. This is resulting in higher than expected claims costs and loss ratios. The current premiums are inadequate to meet those costs over the lifetime of the policies.

After Actuarial review, the Department approved a 19.5% increase on the BG01P(06/04) form and a 10% increase on the BG01P(01/09) form on May 21, 2020. Both forms had projected lifetime loss ratios in excess of minimums, but historical experience didn’t justify the full increase.

The new rates will be implemented 60 days after the company notified its customers.


Find the filing documents here at Long-Term Care Insurance Rate Filing