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 revenue reports detailing any known revenues outside the administrative fee, and it requires them to remit all 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 not exceeding twice the revenues received for the calendar year in question. Furthermore, the bill includes a specific exception related to rulemaking, referencing R.S. 42:814(C). The act is set to become effective on July 1, 2024, unless vetoed by the governor and subsequently approved by the legislature.