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

This New Jersey bill (A-3554) removes an exemption that previously allowed self-insured employer health plans (covered under federal law) to be excluded from state regulations governing pharmacy benefits managers (PBMs). It directly affects self-insured health plans by requiring them to comply with the state's existing PBM rules, such as transparency and fair pricing standards. The bill also mandates a report to state legislators examining how a 2020 U.S. Supreme Court ruling (Rutledge v. PCMA) impacts these regulations. The policy change applies to all health plans renewed or initiated after the effective date, ensuring consistent oversight of PBMs across all plan types.