This bill establishes new regulations regarding health care contracts in Oklahoma, specifically prohibiting certain clauses that may lead to anti-competitive practices. It defines terms such as "all-or-nothing clause," "anti-steering clause," "gag clause," and "most-favored-nations clause," and prohibits health insurance carriers, health care providers, and health plan administrators from including these provisions in their contracts. Violations of these prohibitions are classified as unfair or deceptive acts, enforceable by the Attorney General. The bill also allows parties to submit contracts containing these clauses for a waiver, which the Insurance Commissioner must approve or deny within 60 days based on specific criteria.

Additionally, the bill grants the Attorney General the authority to subpoena records and initiate proceedings for violations, while also allowing the Insurance Commissioner to inspect records and impose penalties on non-compliant health insurance carriers. The Commissioner can deny the sale of health insurance plans that violate these regulations and may refer contracts to the Attorney General for further review. The bill emphasizes that it does not limit the ability of health plans to design networks or implement cost and quality initiatives. The provisions of this act are set to take effect on November 1, 2026.