Requires investigation of critical prescription drug pricing and allows for civil penalties for unjustified price increases.

New York A10467 amends the insurance law to mandate investigations into critical prescription drug pricing. The superintendent of financial services must investigate if a drug's price increases more than the cost of living index over twelve months or if there is suspicion of unjustified price hikes. The superintendent can subpoena witnesses and documents, and failure to comply is a misdemeanor with civil penalties. The superintendent can levy penalties up to $5,000 per offense or double the damages or economic gain from the offense.

Requires investigation of critical prescription drug pricing and allows for civil penalties for unjustified price increases.

New York A10467 amends the insurance law to mandate investigations into critical prescription drug pricing. The superintendent of financial services must investigate if a drug's price increases more than the cost of living index over twelve months or if there is suspicion of unjustified price hikes. The superintendent can subpoena witnesses and documents, and failure to comply is a misdemeanor with civil penalties. The superintendent can levy penalties up to $5,000 per offense or double the damages or economic gain from the offense.