Shared savings incentive program; requiring insurance carriers to offer certain programs; modifying average allowed amounts; modifying incentive calculations. Effective date.

SB 1048 requires Oklahoma insurance carriers to offer a shared savings incentive program, directly affecting policyholders and healthcare providers. The bill mandates that carriers provide financial rewards (minimum 25% of savings) to enrollees who choose providers charging below the average rate paid by the carrier for comparable services, including out-of-network options where the provider agrees to accept a lower rate. Carriers must publish service lists and average rates online, report participation data to the Insurance Department, and ensure enrollees' out-of-network costs don't exceed in-network cost-sharing. The program becomes effective November 1, 2025.