Senate Bill No. 161 amends existing laws regarding pharmacy benefits management in Oklahoma, specifically focusing on compliance and fiduciary duties of pharmacy benefits managers (PBMs). The bill mandates that the Attorney General review and approve retail pharmacy network access for all PBMs to ensure adherence to established regulations. It outlines several prohibitions for PBMs, including the prevention of deceptive practices, the imposition of certain fees on pharmacies, and the requirement to reimburse pharmacies equitably. Additionally, the bill emphasizes the importance of transparency by requiring PBMs to disclose information about prescription drug discounts and rebates to insurers and the Attorney General.

Key provisions of the bill include the establishment of an electronic claim inquiry processing system, the maintenance of documentation related to network development activities, and the requirement for PBMs to report quarterly to the Attorney General on various financial metrics. Notably, the bill introduces a fiduciary duty for PBMs to the insurers and insureds they serve, ensuring that their actions align with the best interests of these parties. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 36-6962
Floor (Senate): 36-6962