Requires dental health insurance carriers to file an actuarial memorandum disclosing its incurred claims/earned premiums, to assist the health insurance commissioner with respect to a study report/recommendations regarding a dental insurance loss ratio.
Impact
The enactment of S2873 aims to bolster regulatory oversight of dental insurance practices which, in turn, may enhance consumer protection within the dental insurance market. By gathering consistent reporting on how premium dollars are allocated within the industry, the health insurance commissioner will be able to analyze trends and recommend potential changes to legislation concerning dental loss ratios. Should the report indicate advantageous insights, it could lead to improved coverage options for consumers, such as increased comprehensive benefit plans that could provide extensive dental care services.
Summary
S2873, known as the Dental Insurance Loss Ratio Reporting and Study Act, mandates dental health insurance carriers in Rhode Island to disclose specific financial data regarding incurred claims and earned premiums. This disclosure is directed towards assisting the health insurance commissioner in compiling a detailed report that will inform future recommendations for minimum loss ratios for dental insurance. The bill explicitly requires an actuarial memorandum submission by carriers, designed to enhance transparency in dental insurance financial practices. Moreover, the proposed act establishes a timeline for this data collection, with the first submissions due by March 1, 2025, covering the preceding calendar years of 2023 and 2024.
Sentiment
While there is a general consensus on the necessity for greater transparency in the dental insurance industry, sentiments regarding the specifics of S2873 may vary. Supporters argue that requiring dental insurance carriers to report their financials allows for better consumer protection and accountability. Critics, however, may see this measure as an added regulatory burden on insurance companies that could lead to increased premiums or operational costs passed on to consumers. As legislatures discuss this bill, the prevailing sentiment reflects a cautious optimism for improving consumer options while maintaining a balanced regulatory environment.
Contention
A notable point of contention surrounding S2873 might arise concerning the annual assessment of up to $150,000 that will be levied on dental health insurance carriers to cover the costs of the study report initiated by the commissioner. This financial obligation could spark debate regarding the fiscal impact on insurers and the possible influence on premium pricing. Furthermore, providers may express concerns about the effectiveness of such a study report and its implications on the diversity and comprehensiveness of dental plans offered to consumers. An essential aspect of the ongoing discussions will be finding a balance between regulatory requirements and maintaining manageable costs for both insurers and patients.
House Resolution Respectfully Requesting The Office Of The Health Insurance Commissioner To Study, Publicly Report Data On, And Provide Recommendations For, Addressing The Critical Inadequacy Of Access To Behavioral Health Services In Rhode Island's Commercial Insurance Networks
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.