This bill establishes new regulations for dental benefit plans in Oklahoma, focusing on the medical loss ratio (MLR) and requiring annual reporting to the Oklahoma Insurance Department. It defines key terms such as "earned premium," "medical loss ratio," and "unpaid claim reserves," and outlines the formula for calculating the MLR, which is the percentage of premium funds spent on patient care versus overhead costs. The bill mandates that dental plans provide annual rebates to enrollees if their MLR falls below specified thresholds—85% for large group plans and 80% for individual and small group plans—starting from January 1, 2028. Additionally, it requires dental insurers to file annual reports on their dental loss ratios and makes this information publicly accessible.

The bill also amends existing law regarding contracts between dental plans and dentists, specifically changing the language around "covered services" to clarify reimbursement terms. It prohibits dental plans from establishing rates that are excessive, inadequate, or unfairly discriminatory, and requires the Insurance Commissioner to promulgate rules to ensure compliance. The act will take effect on January 1, 2026, and includes provisions for public hearings if rate changes are deemed excessive. Overall, the legislation aims to enhance transparency and accountability in dental benefit plans while ensuring that enrollees receive fair value for their premiums.