Prompt Pay Law – OKLAHOMA
OKLAHOMA SUMMARY OF EXISTING LAW
Every insurer shall reimburse all clean claims of an insured, an assignee of the insured, or a health care provider within 45 calendar days after receipt of the claim by the insurer. An overdue payment shall bear simple interest at the rate of 10% per year. In the event litigation should ensue based upon such a claim, the prevailing party shall be entitled to recover a reasonable attorney fees from the other side.
Link to Existing Law: Title 36 Chapter 1 Article 12 Section 1219: 36 O.S. § 1219
PRACTICAL NOTE FOR EXISTING LAW
While the law has a broad definition of insurer to include all those regulated by the Insurance Commissioner, the law would be improved by explicitly including PBMs (or other agents/intermediaries) within the definition of insurer to ensure that the law is applied to them.
