Prescription Drug Affordability Advisory Council eliminated, nondepository financial institution provisions modified, health plan regulatory alignment provided, duties transferred, premium security plan modified, appropriations reduced, and money appropriated.

This bill eliminates the Prescription Drug Affordability Advisory Council and transfers its duties to the commissioner of commerce, while also modifying regulations for nondepository financial institutions and health plans. Key provisions include stricter rules on conflict of interest for officials reviewing drug prices and new criteria for identifying prescription drugs that may be unaffordable, such as those with significant price hikes or high costs. The legislation also adjusts funding by moving $1.75 million in appropriations from the Department of Health to the commissioner of commerce to support the transfer of regulatory responsibilities.