The Montana Dental Insurance Transparency and Accountability Act aims to enhance transparency and accountability in dental insurance by establishing requirements for medical loss ratios and consumer rebates. The bill mandates that dental insurers file annual reports detailing their medical loss ratios, which reflect the percentage of premium funds spent on patient care versus administrative costs. If a dental insurer's medical loss ratio falls below 80%, they are required to provide annual rebates to policyholders on a pro rata basis. The act also clarifies that it does not apply to health insurance plans with embedded dental benefits or to dental services covered under Medicaid.

Additionally, the bill amends existing law to allow for these rebates, explicitly stating that the prohibition on rebates does not apply to those provided under this new act. The Commissioner of Securities and Insurance is granted the authority to adopt rules for implementing the act, which will take effect on July 1, 2024, and will apply to dental insurance policies issued or renewed on or after January 1, 2024.

Statutes affected:
Introduced: 33-18-208