HB1481 Summary

• Creates the Healthcare Insurer Share the Savings Act requiring healthcare insurers to reduce enrollees' prescription drug cost sharing at point-of-sale by at least 100% of all rebates received or anticipated to be received.

• Creates the Arkansas Pharmacy Benefits Manager Share the Savings Act requiring pharmacy benefits managers to reduce enrollees' prescription drug cost sharing at point-of-sale by at least 100% of all rebates received or anticipated to be received.

• Requires pharmacy benefits managers to submit annual certifications to the Insurance Commissioner by January 1 confirming compliance with rebate-sharing requirements, signed by the chief executive officer or chief financial officer.

• Protects rebate information as trade secrets and proprietary/confidential data exempt from public disclosure under the Freedom of Information Act, prohibiting publication or revelation of specific rebate amounts by product, therapeutic class, manufacturer, or pharmacy.

• Applies to health benefit plans issued by healthcare insurers but excludes accident-only plans, specified disease plans, disability income plans, long-term-care-only plans without pharmacy benefits, workers' compensation plans, and state/local government employee plans.