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 identifiers such as "pharmacy claims bank identification number," "pharmacy claims group number," and "pharmacy claims processor control number." The bill also specifies that an initial and renewal application fee for a PBM license is set at $20,000, with provisions for fee reductions in cases of financial hardship.

Additionally, the bill mandates that PBMs report specific information to the Insurance Commissioner at the time of license renewal. This includes details about their pharmacy claims identifiers and the estimated number of covered lives associated with each identifier. The bill aims to enhance transparency and regulatory oversight of pharmacy benefits managers in Arkansas, ensuring that they comply with established standards and reporting requirements.

Statutes affected:
Old version HB1602 V2 - 3-13-2025 09:52 AM: 23-92-503, 23-92-504, 03-13-2025, 23-92-509(a)
Old version HB1602 V3 - 4-7-2025 11:12 AM: 23-92-503, 23-92-504, 04-07-2025, 23-92-509(a)
Old version HB1602 Original - 3-11-2025 04:31 PM: 23-92-503, 23-92-504, 23-92-509(a)
HB 1602: 23-92-503, 23-92-504, 23-92-509(a)
Act 633: 23-92-503, 23-92-504, 04-07-2025, 23-92-509(a)