SECTION 1 (TITLE):
This act shall be known as the Insulin Cost Reduction Act.

SECTION 2 (PURPOSE):
To reduce the cost of insulin for diabetics who are insured through commercial insurers by limiting their monthly cost sharing payments to reasonable amount.

SECTION 3 (PROVISIONS):

(a) Every health plan offered by a carrier shall set the cost-sharing payment that a covered person is required to pay for a covered prescription insulin drug at an amount that does not exceed $30 per 30-day supply of the prescription insulin drug, regardless of the amount or type of insulin needed to fill the covered person's prescription.
(b) Nothing in this section shall prevent a carrier from setting a covered person's cost-sharing payment for a covered prescription insulin drug at an amount that is less than the maximum amount permitted pursuant to subsection (a).
(c) No provider contract between a carrier or its pharmacy benefits manager and a pharmacy or its contracting agent shall contain a provision