AZ SB1533

Establishes a Prescription Drug Affordability Division within the Department of Insurance and Financial Institutions to oversee prescription drug pricing and promote consumer cost savings.

Requires pharmacy benefit managers to file price increase requests with the division before raising drug prices above the rate of inflation, with the division having 90 days to approve or deny requests.

Prohibits pharmacy benefit managers from charging carriers or consumers more for prescription drugs than the amount paid to pharmacies for filling and dispensing.

Requires state-sponsored health plans and affiliated pharmacy benefit managers to limit prescription drug reimbursements to upper payment limits established by the Affordability Division.

Mandates that accountable health plans demonstrate how manufacturer rebates and carrier incentives reduce consumer costs when calculating insurance premiums, and requires pharmacy benefit managers to submit quarterly reports on drug rebates and pricing information to the department.