The proposed bill establishes new regulations regarding health insurance billing practices in Oklahoma, specifically addressing "surprise billing" from out-of-network providers and facilities. It defines key terms such as "surprise bill," "covered person," and "minimum benefit standard," and prohibits out-of-network providers from charging covered persons more than their cost-sharing obligations for emergency care and certain non-emergency services rendered at in-network facilities. The bill 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 costs than if they had received care from in-network providers.

Additionally, the bill outlines the responsibilities of the Insurance Commissioner in verifying the minimum benefit standard and establishes 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 repeated violations may result in further fines. The act is set to take effect on November 1, 2025.