An Act relating to insurance; creating the Prescription Access and Affordability Act; stating purpose of act; defining terms; requiring retail pharmacy networks to comply with certain standards; authorizing Insurance Department to promulgate rules; requiring department to ensure compliance of act;
prohibiting pharmacy benefit manager from certain acts; applying prohibitions to certain contracts; directing certain compensation be remitted to certain benefit plans; listing uses for certain compensation; requiring certain filing with Insurance Commissioner; requiring the Pharmacy and Therapeutics committee of each insurer to develop formulary; prohibiting certain persons from serving on committee; requiring insurer to prohibit certain compensation for committee members; requiring insurer to display formulary on website; requiring certain elements be included in formulary; authorizing Commissioner to hire and retain certain employees; requiring Commissioner to provide specific process for certain violation; requiring Commissioner to establish Prescription Access and Affordability Advisory Committee; specifying duties of advisory committee; authorizing advisory committee to impose certain fees and fines; specifying advisory committee makeup; specifying terms of serving on advisory committee; specifying place of committee hearings; establishing procedures of committee hearings; authorizing Commissioner to require certain report; exempting certain documents from certain legal procedures; authorizing Commissioner to disclose certain documents; providing for codification; and providing an effective date.

Status: Vetoed by Governor.