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" throughout the relevant sections. The bill outlines new licensing criteria, including the necessity for compliance officers and annual certifications for those exempt from licensing. It also establishes the director's power to conduct examinations as needed and specifies the financial responsibilities of those being examined, including the payment of related expenses.

Furthermore, the bill details the qualifications and application process for PBMs, mandates notification of significant changes to the director, and outlines penalties for non-compliance. It includes specific requirements for contracts between insurers and TPAs, addressing termination, fiduciary responsibilities, and claims management. The director is empowered to suspend a TPA's license without prior notice under certain conditions, such as insolvency. Additionally, the bill ensures that renewal fees for licenses cover enforcement costs, aiming to create a self-sustaining regulatory framework. These changes are set to take effect on January 1, 2026.

Statutes affected:
HB0149A, AM HB 149, introduced 03/21/2025: 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