Assembly Bill 714 establishes new regulations regarding the access and ownership of claims data for plan sponsors, such as employers, in relation to employee benefit plans. The bill mandates that contracts between plan administrators, insurers, or pharmacy benefit managers and plan sponsors must explicitly state that the plan sponsor owns the claims data associated with the contract. Additionally, it prohibits the sale of claims data without the consent of both the plan sponsor and the individual to whom the data pertains. The bill also requires that certain information be provided to the plan sponsor or their designee within seven business days upon request, including details about claims, payments, and itemized billing statements.

Furthermore, the bill outlines specific duties for administrators, insurers, and pharmacy benefit managers, including the obligation to provide comprehensive claims data and financial information related to high-cost claims and prescription drug benefits. It allows plan sponsors to request this information up to three times per plan year, covering a period of up to 24 months. The bill also ensures that no excessive fees can be charged for accessing this information and that claims data cannot be modified or withheld if the plan sponsor or their designee attests to using the information in compliance with federal laws. Overall, the legislation aims to enhance transparency and control for plan sponsors over their claims data.