The Connecticut Insurance Department has refused to let Berkshire Life Insurance Company of America increase rates on individual long-term care insurance (LTCI) policies an average of 25 percent.
Department actuaries concluded that the company’s LTCI business has had better claims experience than expected, both in Connecticut and in the country as a whole. In Connecticut, the company has not yet paid any claims. In the country as a whole, the expected loss ratio was 11.72 percent. The actual loss ratio has been just 2.94 percent, officials say.
Berkshire Life is a wholly owned stock subsidiary of the Guardian Life Insurance Company of America.