This bill mandates that health benefits plans providing coverage for prescription drugs or pharmacy services, which are managed by pharmacy benefits managers, must permit any pharmacy that meets the established standard contract terms and conditions to join as a network pharmacy. The contract terms and conditions must be deemed reasonable and relevant by the Commissioner of Banking and Insurance, who will assess current network pharmacy contract terms and the adequacy of reimbursement and dispensing fees to cover ingredient and operational costs.

Additionally, the Commissioner of Banking and Insurance is authorized to adopt necessary rules and regulations to implement the provisions of this act. The bill is set to take effect on the first day of the thirteenth month following its enactment and will apply to contracts initiated or renewed after that date.