SB1287 Summary

• Creates the Dental Loss Ratio Act requiring health insurers and dental plan carriers to submit annual dental loss ratio filings to the Department of Insurance beginning July 1, 2023.

• Establishes a minimum dental loss ratio requirement of 80%, calculated as incurred claims divided by earned premiums minus taxes and regulatory fees.

• Requires carriers that fail to meet the 80% minimum ratio to submit a corrective action plan to return excess premiums to consumers.

• Mandates the Department make all dental loss ratio filings publicly available on its website and provides the Director authority to conduct examinations with 30-day advance notice.

• Amends the Dental Service Plan Act to remove the requirement that dental service plan corporations obtain Director approval before exceeding 20% of subscriber payments as administrative expenses.