Requires carriers to pass prescription drug savings to consumers.

This bill requires health insurance carriers (like companies offering health plans) to pass savings from negotiated drug prices directly to consumers. Specifically, it mandates that any compensation paid by drug manufacturers to pharmacy benefits managers (PBMs) for reduced drug prices must be passed to the carrier, which then must use these funds to either lower policyholders' premiums or reduce their out-of-pocket costs at the pharmacy. Carriers must also annually report to the state commissioner on how they implemented this requirement. The bill was introduced in January 2024 but was withdrawn from consideration on February 27, 2024.