Insurer Disclosures on Prescription Drug Coverage

Insurer Disclosures on Prescription Drug Coverage; Requires health insurers & HMOs to provide notice of prescription drug formulary changes within certain timeframe to current & prospective insureds, insureds, prospective subscribers, subscribes & treating physicians; requires insurers & HMOs to maintain record of formulary changes; requires insurers & HMOs to annually submit specified report to OIR by specified date; requires health insurers & HMOs & their pharmacy benefit managers to apply payments of prescription drugs by or on behalf of insureds & subscribers toward total contributions of insureds' & subscribers’ cost-sharing requirements under certain circumstances; provides disclosure requirements; requires health insurers & HMOs to keep records of third-party payments for prescription drugs under certain circumstances.