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Legislative Year: 2023 Change

Bill Detail: HB23-1201

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Title Prescription Drug Benefits Contract Term Requirements
Status Governor Signed (05/10/2023)
Bill Subjects
  • Health Care & Health Insurance
  • Professions & Occupations
House Sponsors M. Soper (R)
L. Daugherty (D)
Senate Sponsors J. Smallwood (R)
K. Mullica (D)
House Committee Health and Insurance
Senate Committee Health and Human Services
Date Introduced 02/14/2023

For group benefit plan contracts between a pharmacy benefit
manager (PBM) or a health insurance carrier (carrier) and an employer,
certificate holder, or policyholder, the bill requires that the amount
charged by the PBM or carrier to the employer, certificate holder, or
policyholder for a prescription drug be equal to or less than the amount
paid by the PBM or carrier to the contracted pharmacy for the drug.
The bill creates transparency requirements for PBMs and carriers
regarding prescription drug benefits and grants audit authority to the
department of health care policy and financing for self-funded plans and
to the commissioner of insurance for fully insured plans, on request of the
office of the attorney general, to ensure compliance with the
A violation of the requirements of the bill is a deceptive trade
practice under the Colorado Consumer Protection Act, with regard to
self-funded plans, and a deceptive trade practice in the business of
insurance, with regard to fully insured plans.

Committee Reports
with Amendments
Full Text
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Fiscal Notes Fiscal Notes (06/20/2023) (most recent)  
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