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, specifying conditions under which they may operate without a license. The bill also replaces the term "registered" with "licensed" for clarity and consistency, emphasizing a more stringent regulatory framework. It outlines the responsibilities of third-party administrators, including the necessity of a written contract with insurers and the requirement to submit regular reports to the director.

Additionally, the legislation establishes new requirements for pharmacy benefits managers, such as appointing a compliance officer and providing detailed disclosures about ownership and professional history. It mandates timely notification to the director regarding significant changes or legal actions. The bill also prohibits certain practices, including interference with a covered person's choice of pharmacy and engaging in spread pricing. These changes aim to enhance transparency, accountability, and consumer protection within the insurance and pharmacy benefits management sectors, with the new regulations set to take effect on 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