This bill establishes a framework for the implementation of a paid family and medical leave insurance program in Oklahoma. It mandates that by January 1, 2027, the Department of Labor must contract with a qualified third-party actuary to conduct an actuarial study assessing various aspects of the program, including startup costs, administrative expenses, and necessary premium contributions to ensure solvency over a period of five to ten years. The study will also evaluate program parameters such as eligibility standards, coverage for different employee categories, wage replacement rates, and maximum leave duration. The actuary is required to model at least two different program models and utilize relevant data to inform their analysis.

Additionally, the bill outlines the qualifications for the third-party actuary and emphasizes collaboration with public stakeholders to identify program parameters. The actuarial study must adhere to established guidelines and be completed within a specified timeline, with results made public within thirty days of completion. The Department of Labor is tasked with promulgating any necessary rules for the program's implementation, and the act is set to take effect on November 1, 2025.