The bill amends Chapter 27-20.1 of the General Laws entitled "Nonprofit Dental Service Corporations" by adding a new section that mandates dental benefit plan carriers to annually submit detailed financial information to the health insurance commissioner. This information includes current and projected medical loss ratios for in-state claims, total claims, and a breakdown of administrative expenses and income. The bill specifies various types of expenses that must be reported, such as underwriting, marketing, claims operations, and payroll expenses, among others.

If a carrier's annual medical loss ratio for in-state or total claims is below 85%, the carrier is required to refund the excess premium to its covered individuals and groups. The carrier must notify eligible individuals and groups within 30 days and issue refunds or credits accordingly. The commissioner may waive or adjust this requirement if it would financially impair the carrier. The act is set to take effect on January 1, 2024.