This bill amends existing laws in Alaska to bring pharmacy benefits managers and third-party administrators under the regulatory oversight of the director of insurance. It allows the director to examine their affairs and transactions and introduces new licensing requirements for these entities, mandating that they be licensed under specific sections of the law. The bill also replaces the term "registered" with "licensed" for clarity and consistency, ensuring that these entities comply with the same regulatory standards as other insurance-related entities, including the payment of examination expenses and submission of annual certifications.

Additionally, the bill outlines specific licensing requirements, such as the need for a trustworthy applicant, detailed disclosures about ownership and management, and the designation of a compliance officer. It prohibits certain practices by pharmacy benefits managers that could interfere with a covered person's rights, such as limiting access to pharmacies or using claims data for marketing purposes. The bill also bans spread pricing and the imposition of fees that pass from pharmacies to the managers. These changes aim to enhance transparency and accountability in the operations of pharmacy benefits managers and third-party administrators, 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