The bill amends the Michigan insurance code of 1956 by adding a new section, 3406tt, which mandates that insurers delivering, issuing for delivery, or renewing health insurance policies that include prescription drug coverage must comply with the provisions outlined in section 12 of the prescription drug cost and affordability review act. This addition aims to ensure that health insurance policies adhere to standards that promote affordability and transparency in prescription drug pricing.

Furthermore, the enactment of this amendatory act is contingent upon the passage of Senate Bill No. 3 from the 103rd Legislature. This stipulation indicates that the new requirements for insurers will only take effect if the related Senate Bill is also enacted into law, highlighting the interconnected nature of legislative measures concerning health insurance and prescription drug costs.

Statutes affected:
Senate Introduced Bill: 500.100, 500.8302
As Passed by the Senate: 500.100, 500.8302