SPONSOR: Stephens
This bill requires that dental plans file with the Department of Commerce and Insurance a dental loss ratio report, as that term "dental loss ratio" is defined in the bill, for each calendar year during which the plan provided dental coverage containing the same information as required in the 2013 Federal Dental Loss Ratio Annual Reporting Form.
This report must be filed before March 1st of each year for the previous calendar year, and if the Department requests any data verification of the report, it must give the plan 30 days' notice of the additional required information; the plan must submit the requested information within 30 days of receiving notice.
The Department is required to make available to the public all data provided to the Department in accordance with the provisions of this bill.
A dental plan is required to provide an annual rebate to each enrollee, on a pro rata basis, to the extent that the dental loss ratio is less than 85% before August 1st of the year for which the dental loss ratio report was issued. The total annual rebate is the excess revenue expended by the dental plan on overhead or administrative costs, as determined by the amount by which the denominator of the dental loss ratio exceeds the numerator.
Statutes affected: