AZ SB1594

Prohibits corporations (health insurance), health care services organizations (HMOs), and disability insurers from reclassifying biologics or plasma-derived prescription drugs to a different tier of a multitiered drug formulary during the contract or policy term.

Requires 60 days' advance notice to subscribers/enrollees/insureds if an insurer plans to reclassify biologics or plasma-derived drugs to a different formulary tier in a subsequent contract or policy term.

Amends sections 20-841.05 and 20-1057.02 to add the new restrictions on biologic and plasma-derived drug reclassification for health insurance corporations and health care services organizations.

Adds new sections 20-1342.07, 20-1402.05, and 20-1404.05 to extend the same reclassification restrictions to disability insurers, group disability insurers, and blanket disability insurers.

Maintains existing exemptions and provisions regarding deductibles, coinsurance, multitiered benefit plans without authorization requirements, and authorization processes for nonformulary drugs.