Legislation

Search OpenLegislation Statutes
This entry was published on 2022-03-04
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 2903
Registration requirements for pharmacy benefit managers
Insurance (ISC) CHAPTER 28, ARTICLE 29
§ 2903. Registration requirements for pharmacy benefit managers. (a)
Every pharmacy benefit manager that performs pharmacy benefit management
services on or after June first, two thousand twenty-two and prior to
January first, two thousand twenty-four shall register with the
superintendent in a manner acceptable to the superintendent, and shall
pay a fee of four thousand dollars for each year or fraction of a year
in which the registration shall be valid. The superintendent, in
consultation with the commissioner of health, may establish, by
regulation, minimum registration standards required for a pharmacy
benefit manager. The superintendent can reject a registration
application filed by a pharmacy benefit manager that fails to comply
with the minimum registration standards.

(b) For each business entity, the officer or officers and director or
directors named in the application shall be designated responsible for
the business entity's compliance with the financial services and
insurance laws, rules and regulations of this state.

(c) Every registration will expire on December thirty-first, two
thousand twenty-three regardless of when registration was first made.

(d) Every pharmacy benefit manager that performs pharmacy benefit
management services at any time prior to June first, two thousand
twenty-two, shall make the registration and fee payment required by
subsection (a) of this section on or before June first, two thousand
twenty-two. Any other pharmacy benefit manager shall make the
registration and fee payment required by subsection (a) of this section
prior to performing pharmacy benefit management services.

(e) Registrants under this section shall be subject to examination by
the superintendent as often as the superintendent may deem it necessary.
The superintendent may promulgate regulations establishing methods and
procedures for facilitating and verifying compliance with the
requirements of this article and such other regulations as necessary to
enforce the provisions of this article.