An Act To Improve Accountability And Understanding Of Data In Insurance Transactions

This bill requires insurance administrators and pharmacy benefits managers to give plan sponsors (like employers or unions that manage health coverage) full ownership of claims data from their contracts. It mandates that administrators provide specific data - including itemized bills, medical records for high-cost claims over $50,000, and payment details - within 20 business days of a request. Plan sponsors gain the right to conduct annual post-payment audits of claims without facing excessive fees or restrictions on audit scope, timing, or auditor choice. The law applies to all new or renewed contracts after January 1, 2026, ensuring transparency in how insurers process and pay claims.