Senate Bill No. 161 aims to enhance compliance and oversight of pharmacy benefits managers (PBMs) in Oklahoma. The bill mandates that the Attorney General review and approve retail pharmacy network access for all PBMs to ensure adherence to existing regulations. It introduces several prohibitions against 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 need for transparency in PBM operations, requiring them to disclose discounts, rebates, and audit rights to relevant stakeholders, including the Attorney General.

Key provisions of the bill include the establishment of a fiduciary duty for PBMs to insurers and insureds, ensuring that they act in the best interests of these parties. The bill also mandates that PBMs maintain an electronic claim inquiry processing system and report quarterly to the Attorney General on various financial metrics related to pharmacy services. The changes will take effect on November 1, 2025, and the Attorney General is granted the authority to create rules for implementing these provisions.

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