The bill amends Alaska's insurance regulations to bring pharmacy benefits managers (PBMs) and third-party administrators (TPAs) under the oversight of the state's insurance director. It grants the director the authority to examine the affairs and transactions of these entities and requires them to be licensed, replacing the term "registered" with "licensed" in several contexts. The legislation outlines the financial responsibilities of PBMs and TPAs during examinations, including the payment of examination expenses, and mandates the designation of compliance officers for these entities. Additionally, it specifies exemptions from licensing for certain individuals and organizations and requires annual certifications to confirm compliance with licensing requirements.

The bill also enhances consumer protections by prohibiting interference with a covered person's choice of pharmacy and ensuring fair reimbursement practices. It establishes specific requirements for contracts between insurers and TPAs, including fiduciary responsibilities and record-keeping. Furthermore, it mandates that PBMs notify the director of any significant operational or legal changes. Overall, the legislation aims to improve regulatory oversight and accountability in the insurance and pharmacy sectors, 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