This bill amends the powers and duties of the Office of the Health Insurance Commissioner (OHIC) to implement additional oversight and review of healthcare costs. Specifically, the bill requires prior approval from OHIC for two key types of contracts: population-based contracts and hospital contracts, if their annual cost increases exceed the Consumer Price Index for all Urban Consumers (CPI-U). For population-based contracts, the cost increase threshold is set at CPI-U plus 3.5% from October 1, 2025, to September 30, 2028. For hospital contracts, the threshold is CPI-U plus 3% during the same period. This means that if a healthcare provider or hospital wants to increase their rates beyond these specified percentages, they must get explicit approval from the health insurance commissioner. The goal appears to be controlling healthcare costs by providing a mechanism to review and potentially limit annual increases in healthcare service reimbursement rates. The bill takes effect immediately upon passage, giving OHIC new regulatory tools to manage healthcare spending in Rhode Island.