Section 156.09 - Public Hearing on Carrier's Financial Condition(1) If, in any year, a Carrier reports in its Annual Comprehensive Financial Statement that its Risk-based Capital ratio on a combined entity basis exceeds 700%, then the Commissioner, or a designated Presiding Officer, shall hold a public hearing to examine the Carrier's overall financial condition and the Carrier's continued need for additional surplus.(2) The public hearing shall be held within 60 days of the date of the Carrier's filing of its fully completed Annual Comprehensive Financial Statement.(3) At the public hearing, the Carrier shall submit testimony on its overall financial condition and its continued need for additional surplus. The Carrier shall also submit testimony on how, and in what proportion to the total surplus accumulated, the Carrier will dedicate any additional surplus to reducing the cost of Dental Benefit Plans, or on dental Quality Improvement Activities, patient safety, or dental cost-containment activities not conducted in previous years.(4) The Commissioner shall issue written notice of the public hearing to the subject Carrier no less than 30 days prior to the public hearing.(5) The Carrier shall arrange for newspaper publication of the written notice of the public hearing in a newspaper or newspapers designated by the Commissioner. Such notice shall be published no less than 21 days prior to the public hearing.(6) No later than 15 days prior to the public hearing, the Carrier shall submit a filing to the Division containing:(a) The title and docket number of the proceeding and the complete name and address of the Carrier submitting the filing;(b) A summary containing a description of the contents of the filing;(c) A list of the names and occupations of all persons who will present oral testimony, statements, or comments on behalf of the Carrier at the public hearing; and(d) Any other information required by the Commissioner or the Presiding Officer.(7) The Carrier's filing shall describe the Carrier's overall financial condition and any reasons why the Carrier believes the additional surplus is needed. The filing shall also describe how, and in what proportion to the total surplus accumulated, the Carrier will dedicate any additional surplus to reducing the cost of Dental Benefit Plans, or on Dental Care Quality Improvement Activities, patient safety, or dental cost containment activities not conducted in previous years.(8)Duties of the Presiding Officer. The Presiding Officer shall conduct the public hearing and take appropriate action to ensure the orderly conduct of the public hearing. Testimony may be taken under oath or affirmation, at the discretion of the Presiding Officer.(9)Transcript. The Carrier shall arrange that any public hearing be officially recorded by a stenographer. The full cost of the stenographer's fees, along with the cost of providing two copies of the written transcript of the public hearing to the Division, shall be paid by the Carrier.(10) The Commissioner shall review the testimony from the public hearing and issue a final report on the public hearing.Adopted by Mass Register Issue 1519, eff. 4/12/2024.