FL S1494

Requires pharmacists to inform customers of less expensive, generically equivalent drugs and whether their cost-sharing obligations exceed the retail price of prescriptions without coverage.

Establishes registration requirements for pharmacy benefit managers with the Office of Insurance Regulation beginning January 1, 2019, with nonrefundable fees not to exceed $500 for initial registration and renewal.

Mandates that pharmacy benefit manager contracts with health insurers and health maintenance organizations update maximum allowable cost pricing at least every 7 calendar days and prohibit limiting pharmacists' ability to disclose cost information to customers.

Prohibits pharmacy benefit managers from requiring insureds to pay more at the point of sale than the lesser of their applicable cost-sharing amount or the retail price of the drug without coverage.

Appropriates $74,141 in recurring funds and $5,000 in nonrecurring funds to the Office of Insurance Regulation to implement the act, effective July 1, 2018.