Indiana § 27-1-50-11 Disclosure of information to plan sponsor

Indiana Statutes

§ 27-1-50-11 — Disclosure of information to plan sponsor

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 50 Group Prescription Drug Rebates

An insurer shall disclose the following information to a plan sponsor on at least an annual basis:

(1)The approximate amount of rebates expected to be received by the insurer concerning the dispensing or administration of prescription drugs to the covered individuals of the plan sponsor.

(2)An explanation that the plan sponsor may choose to:

(A)apply the rebates to reduce premiums for all covered individuals; or

(B)calculate defined cost sharing for a covered individual at the point of sale based on a price that is reduced by an amount equal to at least eighty-five percent (85%) of all rebates received or estimated to be received by the insurer concerning the dispensing or administration of the covered individual's prescription drugs.

(3)An explanation that, in the individual market,

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An insurer shall disclose the following
information to a plan sponsor on at least an annual basis:
(1) The approximate amount of rebates expected to be received by
the insurer concerning the dispensing or administration of
prescription drugs to the covered individuals of the plan sponsor.
(2) An explanation that the plan sponsor may choose to:
(A) apply the rebates to reduce premiums for all covered
individuals; or
(B) calculate defined cost sharing for a covered individual at
the point of sale based on a price that is reduced by an amount
equal to at least eighty-five percent (85%) of all rebates
received or estimated to be received by the insurer concerning
the dispensing or administration of the covered individual's
prescription drugs.
(3) An explanation that, in the individual market, IC 27-1-49
requires that covered individual defined cost sharing be calculated
at the point of sale based on a price that is reduced by at least
eighty-five percent (85%) of the rebates concerning the
dispensing or administration of the covered individual's
prescription drugs.

Indiana § 27-1-50-11 (Disclosure of information to plan sponsor) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.