] is old law to be omitted. LBD15336-01-4A. 10185 2 1 § 2. Section 4329 of the insurance law is amended by adding a new 2 subsection (d) to read as follows: 3 (d) (1) As used in this subsection: 4 (A) "Eligible prescription drug" means a prescription drug approved 5 under 21 U.S.C. 355(c) that is not under patent. 6 (B) "Generic drug" means a drug that is approved pursuant to an appli- 7 cation referencing an eligible prescription drug that is submitted under 8 subsection (j) of Section 505 of the Federal Food, Drug, and Cosmetic 9 Act, 21 U.S.C. 355. 10 (C) "Supply issue" means a drug shortage or meaningful disruption as 11 defined in 21 U.S.C. 356(c). 12 (2) In the event an AB-rated generic equivalent or interchangeable 13 biological product for an eligible prescription drug is covered in an 14 insurer's formulary and such generic drug equivalent is unavailable due 15 to a supply issue which has been recognized by the federal food and drug 16 administration pursuant to 21 U.S.C. 356e and the dosage cannot be 17 adjusted, a corporation subject to the provisions of this article that 18 issues a contract that provides coverage for prescription drugs shall 19 provide coverage for a brand name eligible prescription drug to an 20 insured who is already receiving such prescription drug as a generic 21 equivalent or has been diagnosed with or presented with a condition on 22 or prior to the start of the plan year that is treated by such eligible 23 prescription drug or is an eligible prescription drug that is or would 24 be part of the insured's treatment regimen for such condition. Such 25 brand name eligible prescription drug shall be covered at the same level 26 of coverage as the generic drug in the insurer's formulary until such 27 time as the supply issue is resolved and the drug has been removed from 28 the federal food and drug administration's shortage list. 29 § 3. This act shall take effect immediately.