Bill > S632

This bill aims to regulate the medical loss ratio (MLR) reporting for dental benefits corporations in Massachusetts. The key provisions include: 1. Requiring dental benefits carriers to submit annual comprehensive financial statements to the Division of Insurance, detailing their costs and expenses, including administration, marketing, claims, network operations, and other miscellaneous expenses. This data will be used to calculate the MLR for various market segments and lines of business. 2. Mandating the Division of Insurance to promulgate regulations by January 1, 2019 to establish a uniform methodology for calculating and reporting the MLR of dental benefit plans. This methodology will specify how different types of expenses, such as financial administration, marketing, claims, and dental management, should be classified as claims expenditures or administrative costs. 3. Allowing the Commissioner of Insurance to waive specific reporting requirements for certain classes of carriers if deemed inapplicable. 4. Requiring the Division of Insurance to hold a public hearing if a carrier's risk-based capital ratio exceeds 700% in a given year, and the carrier must provide testimony on its financial condition and plans to use any surplus to reduce dental plan costs or improve dental care quality and cost containment. The overall goal is to enhance transparency and accountability in the dental benefits industry, while providing the state with detailed financial information to monitor and regulate the industry more effectively.

Business and Industry

https://malegislature.gov/Bills/192/S632