LB 1196 creates the Pharmacy Benefit Manager Regulation Act. The Act would add definitions for spread pricing and clean claims and transfers current statutory provisions into the insurance code. The bill will prohibit exclusionary networks, prohibit punishing patients by requiring them to pay higher co-payments for medications dispensed at local pharmacies, prohibits steering patients to mail order or PBM-owned pharmacies, protect pharmacies from being paid below their cost for dispensing medications, and protect patients with meaningful cost-sharing provisions.