NY S07692

Adds new subsection (e) to Section 3244 of the Insurance Law allowing insurers, health maintenance organizations, and article forty-three organizations to satisfy pharmaceutical explanation of benefits requirements through either quarterly written summaries or electronic member portal access with member consent.

Amends the effective date of the 2021 pharmaceutical benefits explanation law (S. 7075/A. 3516) from sixty days after enactment to January 1, 2022.

Authorizes insurers to adopt necessary rules and regulations for implementation on or before the January 1, 2022 effective date.

Section 1 of this act takes effect on the same date as the referenced 2021 law, while the effective date amendment (Section 2) takes effect immediately.