In establishing and maintaining its formulary, any insurer offering a policy or certificate of health insurance that is delivered, issued for delivery, or renewed in this state, or any self-funded employee benefit plan, to the extent not preempted by federal law, must ensure that a non-opioid drug approved by the United States Food and Drug Administration for the treatment or management of pain is not disadvantaged or discouraged with respect to coverage relative to any opioid or narcotic drug for the treatment or management of pain on the formulary. 24 This section applies to a non-opioid drug immediately upon its approval by the United States Food and Drug Administration for the treatment or management of pain, regardless of whether the drug has been reviewed for inclusion on the formulary.