HB445 - Health insurance; approval of rates to dental plans, medical loss ratio.

1 Co-Sponsor

Health insurance; dental plans; approval of rates and medical loss ratio. Requires the State Corporation Commission to review and approve premium rates applicable to dental plans issued in the Commonwealth. Under the bill, benefits are deemed to be reasonable in relation to premiums, provided that the medical loss ratio of the policy form, including riders and endorsements, is at least as great as 85 percent. The bill provides that if the Commission finds that the premium rate filed is not meeting or will not meet a medical loss ratio of 85 percent, the Commission shall require appropriate rate adjustments, premium refunds, or premium credits as deemed necessary for the coverage to conform with the medical loss ratio standard of 85 percent.