SB23-179 Summary

• Establishes dental loss ratio (DLR) requirements for health insurance carriers offering dental coverage plans, requiring transparency in how premium dollars are spent on dental services versus administrative costs.

• Requires carriers to file annual dental loss ratio reports electronically with the Division of Insurance by July 31 each year, beginning July 31, 2024, and includes retroactive reporting for plan years 2021-2024.

• Mandates the Division of Insurance publish dental loss ratio data on a searchable public website by January 1 following each reporting year to allow consumers and employers to compare dental plans by carrier and product type.

• Requires the Insurance Commissioner to adopt rules by March 31, 2024 establishing standardized dental coverage plan identification card formats containing covered person information, carrier contact details, and regulatory status.

• Appropriates $64,252 to the Division of Insurance for the 2023-24 fiscal year (0.7 FTE and operating expenses) to implement the bill's requirements.