FL S1180

Creates new requirement for health insurers to provide 60-day advance notice to current and prospective insureds and treating physicians before implementing any prescription drug formulary changes during a policy year.

Requires health insurers to maintain records of formulary changes and submit annual reports to the Office of Insurance Regulation by March 1, including details on removed drugs, tier increases causing higher out-of-pocket costs, number of insureds notified, and increased costs incurred.

Directs the Office of Insurance Regulation to compile insurer data and publish an annual summary report by May 1 on its website and submit to the Governor and Legislature.

Applies the same 60-day notice and annual reporting requirements to small employer carriers and health maintenance organizations for prescription drug formulary changes.

Takes effect January 1, 2020.