H.B. 24 Summary

• Requires pharmacy benefit managers to act as fiduciaries with a duty of care to clients and disclose any conflicts of interest.

• Prohibits requiring patient cost-sharing greater than the lesser of: applicable copayment, allowable claim amount, uninsured out-of-pocket price, or pharmacy reimbursement amount.

• Mandates annual transparency reporting to the insurance commissioner detailing rebates received, administrative fees, retained rebates, and retained rebate percentages, with publication on the insurance division website.

• Replaces pharmacy benefit manager registration requirement with licensing requirement, effective upon approval, with $140 application and renewal fees.

• Increases penalties for operating without a license from $500 to not more than $5,000 per day and prohibits spread pricing retention by pharmacy benefit managers.