Sec. 11. An insurer shall disclose the following information to a plan sponsor on at least an annual basis:
(1) The approximate amount of rebates expected to be received by the insurer concerning the dispensing or administration of prescription drugs to the covered individuals of the plan sponsor.
(2) An explanation that the plan sponsor may choose to:
(A) apply the rebates to reduce premiums for all covered individuals; or
(B) calculate defined cost sharing for a covered individual at the point of sale based on a price that is reduced by an amount equal to at least eighty-five percent (85%) of all rebates received or estimated to be received by the insurer concerning the dispensing or administration of the covered individual's prescription drugs.
(3) An explanation that, in the individual market, IC 27-1-49 requires that covered individual defined cost sharing be calculated at the point of sale based on a price that is reduced by at least eighty-five percent (85%) of the rebates concerning the dispensing or administration of the covered individual's prescription drugs.