Senate Bill No. 1047 aims to regulate surprise billing practices in Oklahoma by establishing clear guidelines for out-of-network providers and facilities when rendering emergency and non-emergency health care services. The bill defines key terms such as "surprise bill," "covered person," and "minimum benefit standard," and prohibits out-of-network providers from surprise billing covered persons for emergency care. It mandates that health insurance carriers reimburse out-of-network providers at a minimum benefit standard or a mutually agreed amount within specified timeframes, ensuring that covered persons incur no greater cost-sharing obligations than they would have with in-network providers.

Additionally, the bill empowers the Insurance Commissioner to create rules for verifying the minimum benefit standard and outlines penalties for health insurance carriers that fail to comply with reimbursement requirements. If a carrier underpays, they must compensate the out-of-network provider for the difference, and a portion of the penalties will support the Oklahoma Health Insurance High Risk Pool. The act is set to take effect on November 1, 2025.