NJ S4806

Requires pharmacy benefit managers (PBMs) to pay or reimburse pharmacy claims within 14 calendar days, or provide written/electronic notice that the claim is contested or denied within that timeframe

Mandates that PBMs submit records, contracts, documents, and data annually to the Department of Banking and Insurance for inspection and audit purposes, rather than only upon request

Applies to claims received on or after the effective date, which is the first day of the fourth month following enactment

Authorizes civil penalties up to $500 for unauthorized disclosure of confidential PBM information submitted to the department

Maintains existing requirements for PBMs to update drug pricing information every seven days and provide appeal mechanisms for pricing disputes