The Transparency for Dental Health Care Costs Act mandates that dental insurance carriers in New Jersey submit an annual dental loss ratio report to the Commissioner of Banking and Insurance. This report must be organized by market and product type and include information consistent with the 2013 federal Medical Loss Ratio Annual Reporting Form (CMS-10418). Specifically, the report will detail the number of covered persons, plan cost-sharing and deductible amounts, and annual maximum coverage limits. The Commissioner is tasked with making this information publicly accessible in a searchable format, allowing for comparisons among carriers.

Additionally, the bill establishes a framework for evaluating the dental loss ratios reported by carriers. The Commissioner will aggregate these ratios and identify outliers, investigating any carrier that reports a ratio significantly lower than the average. If a carrier is found to be consistently underperforming, the Commissioner may require them to issue rebates to policyholders. The bill also allows for the establishment of rules and regulations to ensure compliance and transparency in the reporting process, with the aim of enhancing accountability in the expenditure of dental health care premiums.