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Insurance Regulatory Insights
Week of June 11, 2024
Telos Actuarial brings you this week’s legislative and regulatory insurance insights from around the nation.
Bill “Status” is defined in the tables below by:
New: proposed law recently introduced for consideration by Legislature
Approved: passed by the Legislature and approved by the Governor
Movement: bill has progressed in legislative process
Fail: bill has died in committee or failed to pass
Medicare Supplement
State | Bill/Notice Number | Status | Summary |
---|---|---|---|
IL | Movement | Amends annual OE period- birthday rule to include the individual may also purchase a plan from any affiliate authorized in the state offering equal or lesser benefits |
Dental
State | Bill/Notice Number | Status | Summary |
---|---|---|---|
MA | New | Provides guidance for annual form and rate filing requirements for stand-alone Dental Benefit Plans that are to be filed with the division | |
RI | Movement | Requires dental health insurance carriers to file an actuarial memorandum disclosing incurred claims/earned premiums by March 1, 2025 (reporting years 2023 & 2024) and March 1, 2026 (reporting year 2025), to assist with a study report/recommendations regarding a dental insurance loss ratio | |
RI | Movement | Requires dental health insurance carriers to file an actuarial memorandum disclosing incurred claims/earned premiums on or before July 31 of 2025, 2026, & 2027 (for preceding calendar reporting year), to assist with a study report/recommendations regarding a dental insurance loss ratio |
In addition to this week’s dental updates, several states have proposed dental loss ratio legislation pending, including:
Illinois
Missouri
Nebraska
New York
Oklahoma
Pennsylvania
Rhode Island
Washington
West Virginia
As a reminder, these states have recently enacted dental loss ratio legislation and have upcoming reporting requirements:
State | Bill/Notice Number | Effective Date | Requirement |
---|---|---|---|
AZ | 10/30/2023 | Requires carriers to provide certain loss ratio data to the Department no later than July 1 of each year, beginning 2024 | |
CO | 06/30/2024 | Requires filing loss ratio report annually before July 31, starting in 2024 | |
VA | 07/01/2024 | Requires carriers to file loss ratio report annually before April 30, starting in 2025 | |
LA | 01/01/2025 | Requires carriers to submit a loss ratio report March 1, 2025, and annually thereafter, no later than June thirtieth of each calendar year |
Telos Actuarial’s team of experienced regulatory compliance professionals are ready to help YOU stay informed of legislative and regulatory changes. Reach out to us for more information!