Dental benefit plans; establishing formula for medical loss ratio; exempting certain dental plans; requiring annual rebate for certain plan years by certain plans. Effective date.

SB 1060 requires Oklahoma dental benefit plans to spend a minimum percentage of premium revenue on actual dental care (80% for large groups, 75% for individuals/small groups) instead of administrative costs. If plans fail to meet these thresholds, they must issue annual rebates to enrollees by August 1st of the following year. The bill mandates annual reporting to the Insurance Department, including detailed MLR calculations, and exempts Medicaid and state-sponsored plans. It establishes specific formulas for calculating "earned premium" and "medical loss ratio" to ensure transparency and accountability in dental plan spending.