This bill enacts a new Subpart B of Part I of Chapter 12 of Title 42 of the Louisiana Revised Statutes, which includes provisions related to the Office of Group Benefits and its contractors. It establishes definitions for key terms such as "administrator," "pharmacy benefit manager," "administrative fee," and "revenues." The bill mandates that administrators and pharmacy benefit managers file annual reports detailing revenues outside of their administrative fees, and it requires them to remit any revenues directly attributable to their contracts with the office. Additionally, the bill allows the Office of Group Benefits to promulgate emergency rules for the initial implementation of these provisions.

The legislation also outlines penalties for administrators and pharmacy benefit managers who fail to comply with reporting requirements or who inaccurately disclose revenues. Such breaches may result in penalties up to twice the amount of revenues received for the calendar year in question. Furthermore, the bill includes a new provision in R.S. 49:955(B)(10.1) that recognizes specific exceptions to the laws governing rule adoption and fee adjustments, incorporating the new reporting requirements into existing regulations. The act is set to take effect on July 1, 2024, unless vetoed by the governor and subsequently approved by the legislature.