Senate Bill 24-080 Summary

• Requires health insurance carriers to comply with federal price transparency laws by July 1, 2024, including providing an internet-based tool for real-time cost-sharing information to enrolled individuals.

• Mandates carriers publish three price-transparency files beginning July 1, 2025 and every six months thereafter: negotiated rates with in-network providers, out-of-network allowed amounts and billed charges, and prescription drug negotiated rates and historical net prices.

• Requires the Commissioner of Insurance to establish a standardized template by January 1, 2025 for price-transparency file submissions that aligns with federal requirements without imposing additional data burdens on carriers.

• Directs carriers to submit pharmacy benefit and drug cost reporting information to the state Commissioner annually beginning July 1, 2025, using the same form and manner as submitted to federal authorities.

• Appropriates $267,758 to the Department of Regulatory Agencies for 2024-25 fiscal year to implement the bill, including $94,808 for personnel (1.0 FTE), $112,950 for operating expenses, and $60,000 for information technology services.