HB 5858 Summary

• Amends the Third Party Administrator Act (1984 PA 218) to update definitions including "administrative services manager," "benefit plan," "carrier," "pharmacy benefit manager," and "third party administrator."

• Clarifies that the term "commissioner" now refers to the "director" and establishes that the "department" means the Department of Insurance and Financial Services.

• Expands the definition of "third party administrator" to explicitly include pharmacy benefit managers.

• Requires pharmacy benefit manager contracts with pharmacies to allow pharmacies to disclose the current selling price of drugs to consumers as defined in the Public Health Code.

• Applies to contracts executed, extended, or renewed on or after the bill's effective date.