§1867. Prohibition on spread pricing; notice exception

            A. A pharmacy benefit manager is prohibited from conducting or participating in spread pricing in this state unless the pharmacy benefit manager provides written notice as provided in Subsection B of this Section.

            B. The notice issued by a pharmacy benefit manager, or a health insurance issuer where the health insurance issuer has agreed to issue the notice, that utilizes spread pricing shall be:

            (1) Required for each health insurance issuer or plan provider in which the pharmacy benefit manager engaged or participated in spread pricing.

            (2) Delivered to the policy holder.

            (3) Provided at least biannually.

            (4) Indicative of the aggregate amount of spread pricing charged by the pharmacy benefit manager during the period.

            (5) Written in plain, simple, and understandable English.

            C. Any violation of this Section that is committed or performed with such frequency as to indicate a general business practice shall be subject to the provisions of the Unfair Trade Practices and Consumer Protection Law, R.S. 51:1401 et seq., as provided in R.S. 40:2870(B).

            Acts 2019, No. 124, §1, eff. July 1, 2020.