AN ACT RELATING TO THE REGISTRATION AND DUTIES OF PHARMACY BENEFIT MANAGERS; RELATING TO PROCEDURES, GUIDELINES, AND ENFORCEMENT MECHANISMS FOR PHARMACY AUDITS; RELATING TO THE COST OF MULTI-SOURCE GENERIC DRUGS AND INSURANCE REIMBURSEMENT PROCEDURES; RELATING TO THE DUTIES OF THE DIRECTOR OF THE DIVISION OF INSURANCE; AND PROVIDING FOR AN EFFECTIVE DATE. Provides that no contract of agreement may prohibit a pharmacy, pharmacist, or pharmacy benefits manager from informing a patient of a less costly alternative for a prescription drug or medical device or supply, which may include the amount the patient would pay without the use of a health care plan. Would require pharmacy benefit manager to register biennially as a third party administrator with the Division of Insurance. Would establish rules for pharmacy audits. Would establish rules for calculating pharmacy overpayments and underpayments based on actuals rather than estimates. Would require pharmacy benefit manager to disclose methodology and sources for drug reimbursement amounts. Would require pharmacy benefit manager to establish appeals process for reimbursement of multi-source drugs.