New York Assembly Bill A10467

New York 2025-2026 Regular Session

• Introduced: 3/6/26
• Refer: 3/6/26

Caption

Relates to investigating critical prescription drug pricing

Summary

This bill amends the New York Insurance Law to create a new section authorizing the Superintendent of Financial Services to investigate pricing of “critical prescription drugs.” A critical prescription drug is defined as a drug necessary to prevent or treat a disease or condition in which death is possible or imminent. The superintendent may begin an inquiry when a drug’s list price has increased over a 12-month period by more than the increase in the cost-of-living index, when there is suspicion of such an increase, or whenever the superintendent believes an investigation is in the public interest. The bill gives the superintendent broad investigative powers, including requiring sworn written statements, issuing subpoenas, compelling witness attendance, examining witnesses under oath, and demanding relevant books and papers. It also provides that subpoena power is not limited by any parallel action brought by the attorney general. Failure to comply with an investigation can be treated as a misdemeanor and can also trigger civil penalties. If the superintendent finds a price increase unjustified after notice and hearing, the bill authorizes civil penalties of up to the greater of $5,000 per offense, twice the aggregate damages, or twice the aggregate economic gain attributable to the offense.

Impact

The bill would add a new enforcement and oversight mechanism to the Insurance Law focused on high-cost, life-sustaining prescription drugs. It would expand the superintendent’s authority to investigate drug pricing practices in New York, compel disclosure from manufacturers or other sellers, and impose civil penalties for unjustified price increases or noncompliance with investigative demands. The measure could affect drug manufacturers, distributors, and other entities involved in the advertisement, purchase, or sale of covered drugs within the state.

Sentiment

Based on the bill text and available context, the measure appears to be framed as a consumer-protection and public-interest response to steep prescription drug price increases, especially for medications tied to life-threatening conditions. There is no recorded committee debate or vote history in the provided materials, so no formal opposition or support is documented here. The overall tone of the bill is regulatory and enforcement-oriented, suggesting an intent to curb perceived price gouging rather than to create a broad market intervention.

Contention

The main potential point of contention is the breadth of the superintendent’s authority, including the ability to investigate whenever it is deemed in the public interest and to compel extensive financial and business records. Another likely issue is the penalty structure, which allows significant civil penalties and misdemeanor exposure for noncompliance. Drug manufacturers and sellers may view the bill as burdensome or vague, while consumer advocates and patients facing high drug costs would likely support stronger oversight of pricing for essential medications.