Enacts new GS 58-3-254 requiring insurers offering a health benefit plan in North Carolina that provides coverage for transcranial magnetic stimulation (as defined) to provide coverage for those procedures performed by any properly licensed healthcare provider or healthcare facility and prohibits penalizing any licensed provider or facility that properly submits a claim for services related to transcranial magnetic stimulation based on the medical specialty of the provider or facility submitting the claim. Includes a list of penalties prohibited under this statute. Amends GS 135-48.51 by making new GS 58-3-254 applicable to the State Health Plan. Applies to insurance contracts issued, renewed, or amended on or after October 1, 2024.

Appropriates $1 million in recurring funds for 2024-25 from the General Fund to the Department of State Treasurer to ensure compliance with this act by the State Health Plan. Effective July 1, 2024.