This bill enacts a new Subpart B of Part I of Chapter 12 of Title 42 of the Louisiana Revised Statutes, which includes sections R.S. 42:813 through 817 and R.S. 49:955(B)(10.1). It establishes definitions for terms related to the Office of Group Benefits, such as "administrator," "pharmacy benefit manager," "administrative fee," and "revenues." The bill outlines the requirements for contractors of the Office of Group Benefits, including the obligation to report revenues outside of the administrative fee and the prohibition against retaining revenues directly attributable to their contracts, except for the administrative fee. It also mandates that these contractors submit annual revenue reports to the office and relevant legislative committees.

Additionally, the bill introduces penalties for administrators and pharmacy benefit managers who fail to comply with reporting requirements or who inaccurately disclose revenues. The penalties can amount to twice the revenues received for the calendar year in question. The bill also allows the Office of Group Benefits to promulgate emergency rules for initial implementation and specifies that it will take effect on July 1, 2024, unless vetoed by the governor and subsequently approved by the legislature.