CA AB2942

Requires health care service plans and health insurers to calculate enrollees' and insureds' cost-sharing for prescription drugs at point of sale based on prices reduced by at least 90% of all rebates received or to be received.

Mandates plans and insurers pass through good faith estimates of cost-sharing reductions to patients at point of sale and provide year-end reconciliation for any additional reductions owed.

Prohibits plans, insurers, and their agents from publishing or disclosing rebate amounts on a product-specific, manufacturer-specific, or pharmacy-specific basis, protecting this information as a trade secret.

Authorizes the Department of Managed Health Care and Insurance Commissioner to assess civil penalties up to $5,000 per violation or $10,000 for willful violations, with violations not constituting criminal offenses.

Makes these provisions inoperative January 1, 2025, and repeals them January 1, 2026; requires annual reporting to appropriate policy committees on the provisions' impact on drug prices and health care premium rates by March 1 each year.