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Introduced Senate Bill (S)

DIGEST

Pharmacy benefit managers regulation. Requires a pharmacy benefit manager to obtain a license issued by the department of insurance and sets forth requirements of the pharmacy benefit manager. Provides for the commissioner of the department of insurance to adopt rules to specify licensure, financial standards, and reporting requirements that apply to a pharmacy benefit manager. Sets forth requirements of a pharmacy benefit manager's reimbursement for a contracted pharmacy when using a maximum allowable cost for a drug product. Makes violations of the chapter concerning pharmacy benefit managers an unfair or deceptive act or practice in the business of insurance. Repeals Pharmacy benefit managers regulation. Requires a pharmacy benefit manager to obtain a license issued by the department of insurance and sets forth requirements of the pharmacy benefit manager. Provides for the commissioner of the department of insurance to adopt rules to specify licensure, financial standards, and reporting requirements that apply to a pharmacy benefit manager. Sets forth requirements of a pharmacy benefit manager's reimbursement for a contracted pharmacy when using a maximum allowable cost for a drug product. Makes violations of the chapter concerning pharmacy benefit managers an unfair or deceptive act or practice in the business of insurance. Repeals the chapter of existing language on pharmacy benefit managers and moves the language concerning maximum allowable cost lists to a new chapter. ... View more