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 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 the annual maximum coverage limit. The Commissioner is tasked with making this information publicly available 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 and analyze these ratios, identifying outliers and potentially taking enforcement actions against carriers that report significantly lower ratios. If a carrier's dental loss ratio remains an outlier for two consecutive years, it may be subject to a minimum dental loss ratio percentage, with the Commissioner responsible for setting this threshold. The act aims to enhance transparency regarding how dental health care premiums are spent, ultimately benefiting consumers.