The bill amends Alaska's existing laws to bring pharmacy benefits managers and third-party administrators under the regulatory oversight of the director of insurance. It introduces new licensing requirements for these entities, ensuring they comply with state regulations and are subject to the same examination and compliance standards as other insurance-related entities. The bill also replaces the term "registered" with "licensed" for third-party administrators, reflecting a shift in regulatory terminology, and expands the criteria for exemptions from licensing for certain compliance officers and employees.

Furthermore, the bill outlines specific requirements for contracts between insurers and third-party administrators, including provisions for termination, fiduciary responsibilities, and record-keeping. It establishes new qualifications for pharmacy benefits managers, requiring detailed disclosures about ownership, management, and financial stability. Licensed pharmacy benefits managers must notify the director of significant changes within 30 days, and the bill sets forth a process for biennial license renewals, with renewal fees covering enforcement costs. 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