The bill modifies the Arkansas Pharmacy Benefits Manager Licensure Act by updating the definition of "health benefit plan" to include plans issued outside the state that provide benefits to Arkansas residents. It also repeals the requirement for pharmacy benefits managers to submit quarterly reports to the Insurance Commissioner, while clarifying the commissioner's authority to examine the records of these managers. The bill introduces new compliance and enforcement requirements, including the ability for the commissioner to impose penalties for violations and to revoke or suspend licenses if necessary.

Additionally, the bill emphasizes the Insurance Commissioner's role in enforcing the subchapter and allows for examinations of pharmacy benefits managers to ensure compliance with pricing and cost determination processes. It also specifies that the subchapter applies to health benefit plans issued outside the state if they provide services to Arkansas residents. Overall, the bill aims to streamline regulations while enhancing oversight of pharmacy benefits managers in Arkansas.

Statutes affected:
HB 1500: 23-92-503(2), 23-92-504(b), 23-92-505(b), 23-92-505, 23-92-508, 23-61-207, 25-19-101, 17-92-507, 23-92-506(b), 23-92-510