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 rather than merely registered. Key provisions include the director's ability to conduct examinations as necessary, the financial responsibilities of those being examined, and the introduction of compliance measures such as annual certifications for exempt individuals. The bill aims to enhance regulatory oversight and ensure that PBMs and TPAs operate within established legal frameworks.

Additionally, the bill modifies licensing requirements, replacing "registered" with "licensed" throughout relevant sections, and outlines specific contract requirements between insurers and TPAs, including fiduciary responsibilities and record-keeping. It establishes the director's authority to suspend licenses without prior notice under certain conditions, such as insolvency. New sections detail the qualifications and application process for PBMs, including the necessity for a compliance officer and disclosure of ownership. The legislation seeks to improve oversight and accountability in the management of pharmacy benefits and insurance claims, with changes 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