New York S 3485: Increases tax free contributions to family tuition accounts

Bill Text

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S03485 Summary:

BILL NOS03485A

&nbsp

SAME ASSAME AS A03973-A

&nbsp

SPONSORHINCHEY

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§4903, 3242 & 4329, Ins L

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Relates to prescription drug formulary coverage for interchangeable biologics and biosimilars.

Go to top S03485 Actions:

BILL NOS03485A

&nbsp

01/27/2025REFERRED TO INSURANCE

06/04/2025AMEND AND RECOMMIT TO INSURANCE

06/04/2025PRINT NUMBER 3485A

01/07/2026REFERRED TO INSURANCE

Go to topS03485 Committee&nbspVotes:

Go to topS03485 Floor&nbspVotes:

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

Go to topS03485 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3485--A

 2025-2026 Regular Sessions

 IN SENATE

 January 27, 2025
 ___________

 Introduced by Sen. HINCHEY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee

 AN ACT to amend the insurance law, in relation to prescription drug
 formulary coverage for interchangeable biologics and biosimilars

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

 1 Section 1. Paragraph 4 of subsection (c-1) of section 4903 of the
 2 insurance law, as added by chapter 512 of the laws of 2016, is amended
 3 to read as follows:
 4 (4) The insured is stable on a prescription drug or drugs selected by
 5 their health care professional for the medical condition under consider-
 6 ation, provided that this shall not prevent a utilization review agent
 7 from [requiring an insured to try an AB-rated generic equivalent prior
 8 to providing coverage for the equivalent brand name prescription drug or
 9 drugs; or]:
 10 (i) requiring an insured to try an AB-rated generic equivalent or an
 11 interchangeable biological product prior to providing coverage for the
 12 equivalent brand name prescription drug or drugs, or
 13 (ii) requiring an insured to try a biosimilar prior to providing
 14 coverage for the brand name prescription reference product drug or
 15 drugs.
 16 § 2. Subparagraph (A) of paragraph 3 of subsection (c) of section 3242
 17 of the insurance law, as added by chapter 99 of the laws of 2022, is
 18 amended to read as follows:
 19 (A) An insurer with a formulary that includes two or more tiers of
 20 benefits providing for different deductibles, copayments or coinsurance
 21 applicable to prescription drugs in each tier may move a prescription
 22 drug to a tier with a larger deductible, copayment or coinsurance if an
 23 AB-rated generic equivalent [or], an interchangeable biological product,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03429-04-5

 S. 3485--A 2

 1 or biosimilar for such prescription drug is added to the formulary at
 2 the same time.
 3 § 3. Subparagraph (A) of paragraph 3 of subsection (c) of section
 4 4329 of the insurance law, as added by chapter 99 of the laws of 2022,
 5 is amended to read as follows:
 6 (A) A corporation with a formulary that includes two or more tiers of
 7 benefits providing for different deductibles, copayments or coinsurance
 8 applicable to prescription drugs in each tier may move a prescription
 9 drug to a tier with a larger deductible, copayment or coinsurance if an
 10 AB-rated generic equivalent [or], an interchangeable biological product,
 11 or biosimilar for such prescription drug is added to the formulary at
 12 the same time.
 13 § 4. Subsection (c) of section 3242 of the insurance law, as added
 14 by chapter 99 of the laws of 2022, is relettered subsection (d).
 15 § 5. Subsection (c) of section 4329 of the insurance law, as added by
 16 chapter 99 of the laws of 2022, is relettered subsection (d).
 17 § 6. This act shall take effect immediately.

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