Removes exception of self-insured health benefits plans from law concerning pharmacy benefits managers.

New Jersey's A2777 bill removes an exemption that previously allowed self-insured health plans (typically employer-sponsored plans governed by federal law) to avoid state regulations on pharmacy benefits managers (PBMs). This means PBMs working with self-insured plans would now be subject to the same state rules as those for insured health plans. The bill also requires the Department of Banking and Insurance to report on the implications of a 2020 U.S. Supreme Court case regarding PBM regulations. This change would extend state oversight to more pharmacy benefit management services in New Jersey.