NY A09055

Amends Insurance Law Section 4903 to allow utilization review agents to require insured individuals to try an AB-rated generic equivalent, interchangeable biological product, or biosimilar before covering the equivalent brand name prescription drug.

Modifies Insurance Law Section 3242 to permit insurers to move a prescription drug to a higher cost tier (with larger deductible, copayment, or coinsurance) if an AB-rated generic equivalent, interchangeable biological product, or biosimilar is simultaneously added to the formulary.

Updates Insurance Law Section 4329 with identical provisions for health insurance corporations to move prescription drugs to higher cost tiers when alternative biological products or biosimilars become available.

Takes effect immediately upon enactment.