Bill > SB966

This bill: - Requires pharmacy benefit managers (PBMs) that provide services in California to apply for a license to operate as a PBM from the Department of Insurance by January 1, 2027. The bill establishes application qualifications and requirements, and requires initial license and renewal fees to be deposited into a new Pharmacy Benefit Manager Account. - Requires PBMs to file annual reports with the Department of Insurance disclosing product benefits, drug categories, contracts, revenues, and fees. The department must prepare and publish its own reports based on the PBM reports. - Imposes various duties and requirements on PBMs, including prohibiting discrimination against non-affiliated pharmacies, restricting certain PBM practices, and requiring disclosure of all fees and rebates. - Prohibits health plans and insurance policies from calculating an enrollee's or insured's cost-sharing for prescription drugs in excess of the actual rate paid. - Requires additional prescription drug data reporting by health plans and insurers, including the aggregate amount of rebates received by the PBM for each drug. - Creates civil penalties for violations and establishes procedures and accounts for enforcement. The bill aims to increase transparency and oversight of PBM practices in order to control prescription drug costs and promote fair competition.

Budget and Finance, Business and Industry, Health and Social Services, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202320240SB966