DALLAS, July 31, 2024 (GLOBE NEWSWIRE) — The National Association of Dental Plans (NADP) is pleased to announce the successful passage of several important state bills that align with the association’s mission to improve consumer access to affordable, quality dental care. These new laws are consistent with NADP’s vision of working constructively with lawmakers and regulators on industry oversight premised on recognizing good industry practices. It 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 increases dental insurance transparency by requiring annual reporting of financial data organized by market and plan type. The bill reasonably caps activities to improve dental care quality, at 5 percent of the carrier’s net revenue. Additionally, SB 463 requires the additional reporting of data, in the event it is not already included in existing reporting.
Virginia HB 1132 Loss Ratio Reporting
Virginia’s House Bill (HB) 1132 is a loss ratio reporting bill. It further requires the development of a workgroup that includes dental carriers, representatives from the Virginia Dental Association, the Association of Dental Support Organizations, and other interested stakeholders to determine if reporting revisions are necessary. The Bureau of Insurance may also evaluate the effectiveness of financial reporting and make recommendations on the continuation or modification of loss ratio reporting.
Rhode Island SB 2873 Loss Ratio Reporting and Study Bill
Rhode Island’s SB 2873 requires annual loss ratio reporting by market segment beginning in 2025 with the submission of loss ratio data for 2023 and 2024. The Insurance commissioner will be required to submit an analysis of the reporting information no later than October 1, 2026, along with recommendations with respect to loss ratio in the state.
Iowa HF 2400 Network Leasing and Virtual Credit Cards
Iowa’s House File (HF) 2400 regulates provider contracting in relation to network leasing and virtual credits. The law, which aligns with the Transparency in Dental Model Act established by the National Council of Insurance Legislators (NCOIL), allows providers to opt-out of leasing provisions and use of virtual credit cards, while establishing reasonable notification requirements to protect plans and providers.
Tennessee HB 677 Virtual Credit Cards
Tennessee’s HB 677 protects provider choice by allowing for use of virtual credit cards as a valid form of payment for services rendered. In alignment with the NCOIL Transparency in Dental Model Act, the law allows for a provider to elect the form of payment that works best for their practice, including the ability to opt out of receipt of payment by virtual credit cards.
Maintaining Affordability and Choice for Consumers
These legislative successes align with the NADP objective to maintain the affordability of dental benefits that, for more than a decade, have remained under the inflation rate, according to the NADP 2023 Dental Benefits Report: Premiums. This is crucial as dental benefits are primarily a voluntary benefit that can be discontinued if considered unaffordable. Unlike medical coverage that often focuses on catastrophic conditions, dental benefits emphasize preventive care, which is 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 are consistent of NADP’s vision of supporting reasonable regulation that aligns with good industry practices.”
NADP is proud to have contributed to these legislative advancements, ensuring that consumers continue to have access to a wide array of affordable and high-quality dental plans. The association remains committed to advocating for policies that benefit both consumers and dental professionals.
About NADP
NADP is the largest non-profit trade association focused exclusively on the dental benefits industry. NADP members provide dental HMO, dental PPO, dental indemnity, and dental savings plan products to more than 200 million Americans with dental benefits. NADP members include the entire spectrum of dental carriers: companies that provide both medical and dental coverage, companies that provide only dental coverage, major national, regional, and single state companies, as well as companies organized as non-profit plans.
CONTACT:
Michael Adelberg
NADP Executive Director
(972) 457-1554
madelberg@nadp.org
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