Oklahoma Out-of-Network Surprise Billing and Transparency Act: An Act relating to insurance; creating the Oklahoma Out-of-Network Surprise Billing and Transparency Act; providing for applicability; defining terms; requiring policies to reference certain rates; providing for certain baseline charges; limiting rate increases; authorizing the Attorney General to bring a civil action for certain required usual, customary, and reasonable reimbursement rates; authorizing the Attorney General to bring a civil action for surprise billing prohibition; providing for emergency services provided by an out-of-network provider; providing for emergency services provided at an out-of-network facility; providing for nonemergency services provided by an out-of-network provider at an in-network facility; providing for nonemergency services provided by an out-of-network provider at an out-of-network facility; requiring the Insurance Commissioner to select an organization to maintain a benchmarking database; providing for availability of arbitration; requiring participation for certain cases; providing time limitation for requesting arbitration in certain cases; requiring written notice; directing the Insurance Commissioner to promulgate rules for submitting multiple claims to arbitration; limiting issues arbitrator may address; providing for basis for determination; prohibiting civil action until conclusion of arbitration; exempting arbitration from the Uniform Arbitration Act; providing for selection and approval of arbitrators; providing for arbitration procedures; providing for arbitrator decision; requiring written notice; providing for court review of arbitrator decision; providing for bad faith in arbitration; providing penalties; directing the Insurance Commissioner and the Oklahoma Board of Medical Licensure and Supervision to adopt certain rules; requiring Insurance Department and Oklahoma Board of Medical Licensure and Supervision to maintain certain information; requiring the Insurance Department to conduct biennium study; requiring written report to Legislature; requiring written notice of benefits and billing prohibitions; amending 12 O.S. 2011, Section 1854, which relates to the Uniform Arbitration Act; providing an exception; providing for codification; and providing an effective date.