House Bill No. 7040 mandates the Insurance Commissioner to conduct a comprehensive study focusing on three key areas: the comparison of health carrier coverage guidelines in the state with the latest evidence-based guidelines from other states, the transparency measures related to utilization reviews by health carriers, and the mandated coverage for life-saving medical treatments or services, unless there is medical evidence justifying a denial. The bill specifies that the terms "health carrier" and "utilization review" will retain their definitions as outlined in existing statutes.

The findings from this study are required to be reported to the relevant joint standing committee of the General Assembly by February 1, 2026. The bill incurs a one-time cost estimated between $200,000 and $300,000 to the Insurance Fund for hiring a contractor to complete the study. The act will take effect upon passage and introduces new legal language to current law, specifically creating a new section for this study requirement.