DALLAS, July 31, 2024 (GLOBE NEWSWIRE) — The National Association of Dental Plans (NADP) is delighted to announce the successful passage of several important state bills aimed at improving consumer access to affordable, quality dental care. These new laws support NADP’s mission and vision of working with lawmakers and regulators to promote good industry practices. This achievement is the result of collaboration with industry partners, external allies, and NADP’s dedicated advocacy.
Louisiana SB 463: Loss Ratio Reporting
Louisiana’s Senate Bill (SB) 463 enhances dental insurance transparency by requiring annual financial data reporting, categorized by market and plan type. The bill sets a reasonable cap of 5 percent of the carrier’s net revenue on activities aimed at improving dental care quality. Additionally, SB 463 mandates the reporting of extra data if not already included in existing reports.
Virginia HB 1132: Loss Ratio Reporting
Virginia’s House Bill (HB) 1132 is also focused on loss ratio reporting. It requires the formation of a workgroup including dental carriers, representatives from the Virginia Dental Association, the Association of Dental Support Organizations, and other stakeholders to assess the need for reporting revisions. The Bureau of Insurance may evaluate the effectiveness of financial reporting and recommend whether to continue or modify loss ratio reporting.
Rhode Island SB 2873: Loss Ratio Reporting And Study Bill
Rhode Island’s SB 2873 mandates annual loss ratio reporting by market segment starting in 2025, with data submissions for 2023 and 2024. The Insurance Commissioner must submit an analysis of this information by October 1, 2026, along with recommendations on the state’s loss ratio.
Iowa HF 2400: Network Leasing And Virtual Credit Cards
Iowa’s House File (HF) 2400 regulates provider contracting concerning network leasing and virtual credit cards. This law, which aligns with the Transparency in Dental Model Act by the National Council of Insurance Legislators (NCOIL), allows providers to opt-out of leasing provisions and the use of virtual credit cards while setting reasonable notification requirements to protect both plans and providers.
Tennessee HB 677: Virtual Credit Cards
Tennessee’s HB 677 protects provider choice by allowing the use of virtual credit cards as a valid form of payment for services. In line with the NCOIL Transparency in Dental Model Act, this law permits providers to choose their preferred form of payment, including opting out of virtual credit cards.
Maintaining Affordability and Choice for Consumers
These legislative successes align with NADP’s goal of keeping dental benefits affordable, a key factor in their continued provision as a voluntary benefit. According to the NADP 2023 Dental Benefits Report: Premiums, dental benefits have remained below the inflation rate for over a decade. Unlike medical coverage, which often focuses on catastrophic conditions, dental benefits emphasize preventive care, essential for maintaining oral health and controlling healthcare costs.
“We are thrilled to see these legislative efforts come to fruition, ensuring that consumers have access to affordable and high-quality dental plans,” said NADP Executive Director Mike Adelberg. “These new laws support NADP’s vision of promoting reasonable regulation that aligns with good industry practices.”
NADP is proud of its role in these legislative advancements, ensuring that consumers have access to a wide range of affordable and high-quality dental plans. The association remains committed to advocating for policies that benefit both consumers and dental professionals.