Senate Bill No. 1047 aims to regulate surprise billing practices in Oklahoma by establishing clear guidelines for out-of-network providers and facilities when billing covered persons for emergency and non-emergency health care services. The bill defines key terms such as "surprise bill," "claim," "covered person," and "minimum benefit standard," which is set at the eightieth percentile of allowed amounts for similar services provided by in-network providers. It prohibits out-of-network providers from surprise billing covered persons for emergency care and mandates that any excess payment be refunded within thirty days. Additionally, health insurance carriers are required to reimburse out-of-network providers at the minimum benefit standard within specified timeframes for both electronic and non-electronic claims.

The bill also outlines the responsibilities of health insurance carriers to ensure that covered persons incur no greater cost-sharing obligations than they would have with in-network providers. It empowers the Insurance Commissioner to create rules for verifying the minimum benefit standard and establishes penalties for carriers that fail to comply with reimbursement requirements. If a carrier underpays, they must compensate 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.