New York S 396: Relates to investigating critical prescription drug pricing

Bill Text

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S00396 Summary:

BILL NOS00396 

&nbsp

SAME ASSAME AS A10467

&nbsp

SPONSORMYRIE

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Add §346, Ins L

&nbsp

Requires investigating of critical prescription drug pricing; provides for civil penalties and private actions for certain critical prescription drug pricing.

Go to top S00396 Actions:

BILL NOS00396 

&nbsp

01/08/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS00396 Committee&nbspVotes:

Go to topS00396 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00396 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 396

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. MYRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance

 AN ACT to amend the insurance law, in relation to investigating critical
 prescription drug pricing

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The insurance law is amended by adding a new section 346 to
 2 read as follows:
 3 § 346. Investigation by the superintendent with respect to critical
 4 prescription drugs. (a) Whenever it shall appear to the superintendent,
 5 either upon complaint or otherwise, that in the advertisement, purchase
 6 or sale within this state of any critical prescription drug, that the
 7 price of that critical prescription drug has increased over the course
 8 of any twelve months by more than the increase of the cost of living
 9 index for the list price of that critical prescription drug, or if it is
 10 suspected that any person, partnership, corporation, company, trust or
 11 association, or any agent or employee thereof has sold or offered for
 12 sale or is attempting to sell or is offering for sale any critical
 13 prescription drug for which the price of that drug has increased over
 14 the course of any twelve months by more than the increase of the cost of
 15 living index for the list price of that drug, or if the superintendent
 16 believes it is to the public interest to investigate, the superintendent
 17 shall require such person, partnership, corporation, company, trust or
 18 association, or any agent or employee thereof, to file with the depart-
 19 ment a statement in writing under oath or otherwise as to all the facts
 20 and circumstances concerning the price increase and for that purpose may
 21 prescribe forms upon which such statements shall be made.
 22 (b) In addition to any other power granted by law, the superintendent,
 23 their deputy or other officer designated by the superintendent is
 24 empowered to subpoena witnesses, compel their attendance, examine them

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01571-01-5

 S. 396 2

 1 under oath and require the production of any books or papers which they
 2 deem relevant or material to the inquiry. Such power of subpoena and
 3 examination shall not abate or terminate by reason of any action or
 4 proceeding brought by the attorney general.
 5 (c) No person shall be excused from attending such inquiry in
 6 pursuance to the mandates of a subpoena, or from producing a paper or
 7 book, or from being examined or required to answer a question on the
 8 ground of failure of tender or payment of a witness fee and/or mileage,
 9 unless at the time of such appearance or production, as the case may be,
 10 such witness makes demand for such payment as a condition precedent to
 11 the offering of testimony or production required by the subpoena and
 12 unless such payment is not thereupon made. The provisions for payment of
 13 witness fee and/or mileage shall not apply to any officer, director or
 14 person in the employ of any person, partnership, corporation, company,
 15 trust or association whose conduct or practices are being investigated.
 16 (d) If a person subpoenaed to attend such inquiry fails to obey the
 17 command of a subpoena without reasonable cause, or if a person in
 18 attendance upon such inquiry shall without reasonable cause refuse to be
 19 sworn or to be examined or to answer a question or to produce a book or
 20 paper when orde