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- Insurance Regulatory Insights
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!