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 those of other states based on the latest evidence, the transparency measures in utilization reviews by health carriers, and the mandated coverage for life-saving medical treatments or services, unless there is medical evidence to justify 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 the fiscal year 2026, primarily for hiring a contractor to assist with the study. There are no anticipated ongoing fiscal impacts beyond this one-time expenditure.