Prescription Drug Benefits Contract Term Requirements. For a contract between a pharmacy benefit manager (PBM) or a health insurance carrier (carrier) and, a certificate holder or policyholder, the bill requires that the amount charged by the PBM or carrier to the certificate holder or policyholder for a prescription drug be equal to or less than the amount paid by the PBM or carrier to the contracted pharmacy for the drug.For group health benefit plans in effect during calendar year 2025, and each calendar year thereafter, the bill creates transparency requirements for PBMs and carriers regarding prescription drug benefits and grants audit authority to the commissioner of insurance for fully insured plans to ensure compliance with the requirements. The bill grants rulemaking authority to the commissioner of insurance.