HB4780 - Dental Loss Ratio Act

• Creates the Dental Loss Ratio Act requiring health insurers and dental plan carriers to annually submit dental loss ratio filings to the Department of Insurance beginning January 1, 2025.

• Establishes a minimum dental loss ratio requirement of 80%, calculated by dividing incurred claims (numerator) by earned premiums (denominator), with detailed specifications for what is included and excluded from each component.

• Requires annual filings to include rates, rating schedules, and supporting documentation demonstrating compliance with minimum loss ratio standards, with all filings made publicly available on the Department's website.

• Authorizes the Department to conduct examinations of carriers' dental loss ratio reports with 30 days' notice, requiring carriers to submit requested records within 30 days of notification.

• Requires carriers that fail to meet the 80% minimum loss ratio to submit a corrective action plan to return excess premiums; exempts Illinois Medicaid coverage and fixed-benefit dental-only disability insurance from these requirements.