Yes, competency based admissions is eliminating the traditional requirements for specific classes–i.e. 2 semesters of gen chem w/ labs, 2 semesters physics w/ labs, etc–in favor of core science, critical thinking/reasoning and pre-professional competencies.
See the link I posted upthread to read the specific competencies required.
(As a side comment–please note that 2/3 of the expected competencies are non-academic.)
The new AAMC policy allow each individual school to determine how to best assess whether an applicant has met these competencies. Many schools will now accept a range of [typically upper level and interdisciplinary] courses in various scientific disciplines as demonstration of specific competencies. Some schools will accept extensive hands on, multi year research as proof of competency. Others may allow other alternatives.
Your best resource for discovering what competency assessment tools a specific med school uses will be that school’s admission website.
NOTE: scoring well on the MCAT is NOT considered an acceptable method of demonstrating mastery of a specific competency. This is due to the fact that the exact content of each MCAT exam varies between sittings, with different topics being tested more heavily on some exams than others.
I suggest you look at the admissions websites of Keck@USC, Michigan and Duke–all of whom are early adopters of competency based admission processes.
[University of Michigan: MD Admission Requirements](https://medicine.umich.edu/medschool/education/md-program/md-admissions/requirements)
[Duke University Office of MD Admissions: Academic Expectations](https://medschool.duke.edu/education/student-services/office-admissions/admissions-process/academic-expectations)
[Prerequisites of the Keck School of Medicine](Admissions | Keck School of Medicine of USC)
Note that all of these schools have a STRONGLY recommended list of coursework that will satisfy various admission requirements. (Which I take to mean that applicants who do not have the recommended academic coursework must be able to argue for a special exception in their case based upon some significant outside achievement like a major journal paper or the like.)