SB 555 (2024)

Revises various laws related to pharmacy benefit managers. In particular, this bill revises the annual reporting requirement for pharmacy benefits managers regarding pharmaceutical rebates, adding more detail. The bill also revises the percentage of rebates insurers are required to make available to enrollees and increases the fine for noncompliance. The Senate also added this bill text to HB 1380, but the House rejected that addition.

The House rewrote the bill. The House version of the bill removes the sunset of a law that allows insurance companies to apply prescription drug rebates in different ways. According to the House Commerce and Consumer Affairs Committee, "The committee rejected the idea that state government should intervene in the competitive marketplace and mandate all insurers to use at least 50% of rebates to offset out-of-pocket costs."

A conference committee of representatives and senators agreed to pass the House version of the bill, with added reporting requirements for pharmacy benefits managers and insurers about pharmaceutical rebates.