NY S02128

Requires health insurers to reduce enrollees' out-of-pocket costs (deductibles and coinsurance) for prescription drugs by at least 85% of all rebates received from manufacturers, pharmacies, or other parties at the point of sale

Defines "rebates" broadly to include base price concessions, price protection rebates triggered by wholesale cost increases, performance-based concessions, and administrative fees passed through to insurers

Mandates insurers submit annual certifications to the superintendent by January 1st attesting compliance with rebate pass-through requirements for the prior calendar year

Protects rebate information as confidential, exempting it from public disclosure requirements and prohibiting release of product-specific, manufacturer-specific, or pharmacy-specific rebate amounts

Applies to health insurers regulated under state law, including state and local governmental employer plans, with provisions added to both the Insurance Law and Public Health Law; effective for contracts issued, renewed, or amended on or after January 1, 2025