The proposed bill establishes a new statute, W.S. 26-15-137, which sets a two-year time limit for health insurance providers to seek reimbursement for overpayments made to healthcare providers. Specifically, it stipulates that any action or request for reimbursement must be initiated within two years from the date the claim was paid, with the exception of claims that are found to be fraudulent. This change aims to streamline the reimbursement process and align Wyoming's regulations with similar statutes in other states, such as Kentucky, which also enforces a two-year limit.

Additionally, the bill clarifies that it will apply to health insurance overpayments made on or after its effective date, which is set for July 1, 2024. This legislative change is intended to provide clarity and consistency in the handling of overpayments in the health insurance sector, potentially reducing the administrative burden on both insurers and healthcare providers.