Bill Title: Amends the Illinois Insurance Code. Provides that if a generic equivalent for a brand name drug is approved by the Food and Drug Administration, insurance companies with plans that provide coverage for prescription drugs through the use of a drug formulary that are amended, delivered, issued, or renewed in the State on or after January 1, 2021 shall immediately substitute the brand name drug with the generic equivalent or move the brand name drug to a formulary tier that reduces an enrollee's cost. Grants rulemaking authority to the Department of Insurance. Defines "brand name drug", "generic drug", and "formulary". Effective January 1, 2021.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3733 Detail]

Text: Latest bill text (Introduced) [HTML]

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