Bill > SB1060

This bill establishes new regulations for dental benefit plans in Oklahoma, focusing on medical loss ratio (MLR) reporting and consumer protection. The bill defines MLR as the percentage of premium funds that must be spent on patient care, requiring dental plans to spend at least 80% for large group plans and 75% for individual and small group plans. Starting in 2028, dental plans must provide annual rebates to enrollees if they do not meet these MLR thresholds. The bill mandates that dental plans file annual reports with the Insurance Department detailing their MLR, with all data to be made publicly available. It also introduces new rate-setting guidelines, requiring carriers to submit expected rate increases at least 60 days before implementation and prohibiting rates that are excessive, inadequate, or unfairly discriminatory. Additionally, the bill modifies existing law regarding dental plan contracts, clarifying definitions and appeal procedures for claim denials. The legislation aims to increase transparency, control healthcare costs, and ensure that dental insurance plans are providing value to consumers by spending a substantial portion of premium revenues on actual patient care. The bill will take effect on November 1, 2025.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1060&Session=2600