This bill mandates that health insurance carriers, or their contracted vendors, must provide the option for covered persons to receive reimbursement through electronic funds transfers. Additionally, carriers are required to inform covered persons if there are any associated fees with this method of reimbursement and to provide clear instructions on how to select electronic funds transfer as the payment option via their website.

The bill also outlines that any violations of these provisions may be enforced by the Department of Banking and Insurance, which will notify the carrier and provide an opportunity for a hearing. If a violation is confirmed, the department can impose civil penalties and require the carrier to reimburse any documented fees incurred by the covered person due to the violation. The act is set to take effect 90 days after enactment and will apply to claims submitted under health benefits plans initiated or renewed after that date.