The bill amends the Arkansas Pharmacy Benefits Manager Licensure Act to introduce new definitions and establish licensing fees for pharmacy benefits managers (PBMs). Key definitions added include "clean pharmacy claim," which refers to claims without defects that can be processed in real-time, and various identification numbers used in processing pharmacy claims, such as the pharmacy claims bank identification number, group number, and processor control number. The bill also specifies that an initial and renewal application fee for a PBM license is set at $1,000 per unique combination for pharmacy claims, which must be paid annually.

Additionally, the bill mandates that pharmacy benefits managers report specific information to the Insurance Commissioner at the time of license renewal. This includes details about the identification numbers used, the estimated number of covered lives for each unique combination, and the types of health benefit plans associated with those combinations. The legislation aims to enhance transparency and regulatory oversight of pharmacy benefits managers operating in Arkansas.

Statutes affected:
HB 1602: 23-92-503, 23-92-504, 23-92-509(a)