The Insurance Department shall evaluate the effect of the limits on prescriptions for opioid drugs established by this act on the claims paid by health insurance carriers and the out-of-pocket costs including copayments, coinsurance and deductibles paid by individual and group health insurance policyholders. On or before January 1, 2021, the Insurance Department shall submit a report on the evaluation, along with any recommended policy and regulatory options that will ensure costs for patients are not increased as a result of new prescribing limitations on the amounts of opioid drugs, to the standing committees of the Legislature having jurisdiction over health and human services matters and over insurance and financial services matters. The Insurance Commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this subsection.