The Massachusetts Secretary of State completed the signature verification process for the second round of signatures submitted by campaigns for two ballot initiatives.
The Committee on Dental Insurance Quality is leading the campaign in support of a ballot initiative to establish a medical loss ratio for dental plans at 83% and require the insurer to refund the excess premium to its covered individuals and covered groups. A medical loss ratio is the portion of premium revenue a healthcare insurance company spends on claims, medical care, and healthcare quality for its customers. Currently, Massachusetts has established an 88% medical loss ratio for medical insurance plans, but there is no medical loss ratio for dental insurance plans.
The initiative would also require dental insurance carriers to submit to the insurance commissioner current and projected medical loss ratio for plans and specified financial information. Carriers would be required to file group product base rates, and any changes to group rating factors that will take effect in the next calendar year in July of the preceding year. The commissioner would be authorized to approve or disapprove of any product rates.
