The bill amends existing laws in Alaska concerning the regulation of pharmacy benefits managers and third-party administrators. It introduces provisions that empower the director to examine the affairs and transactions of these entities, ensuring they are subject to oversight similar to other insurance-related organizations. Key changes include the insertion of licensing requirements for pharmacy benefits managers and third-party administrators, replacing the term "registered" with "licensed" throughout the relevant sections. The bill also mandates that compliance officers for these entities must be licensed and outlines conditions for exemptions from licensing, along with the requirement for third-party administrators to file annual certifications to confirm their exempt status.
Furthermore, the legislation establishes specific requirements for contracts between insurers and third-party administrators, detailing aspects such as termination, fiduciary responsibilities, and claims management. It grants the director the authority to suspend licenses without prior notice under certain conditions, such as insolvency or unsound practices. New qualifications for pharmacy benefits managers are introduced, requiring detailed disclosures about ownership, management, and financial stability. The bill mandates that licensed pharmacy benefits managers notify the director of significant changes within 30 days and outlines penalties for non-compliance. Overall, the legislation aims to enhance oversight, accountability, and transparency in the pharmacy benefits management sector, with an effective date set for January 1, 2026.
Statutes affected:
SB0134A, AM SB 134, introduced 03/18/2025: 21.06.120, 21.06.160, 21.06.130, 21.27.010, 21.27.630, 21.27.660, 21.27.460, 21.27.901, 21.27.955, 21.27.060, 21.27.150, 21.27.380, 21.27.650, 21.27.040, 21.27.405, 21.27.640, 21.06.090, 21.27.330, 21.27.270, 21.97.020, 21.27.905, 21.27.975
SB0134B, AM HCS SB 134(HSS), introduced 05/16/2025: 21.06.120, 21.06.160, 21.06.130, 21.27.010, 21.27.630, 21.27.660, 21.27.460, 21.27.901, 21.27.955, 21.27.060, 21.27.150, 21.27.380, 21.27.650, 21.27.040, 21.27.405, 21.27.640, 21.06.090, 21.27.330, 21.27.270, 21.97.020, 21.27.905, 21.27.975, 21.36.520