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 in PBM operations, requiring them to disclose various financial details 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, and the requirement for PBMs to report quarterly on rebates and payments. 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 bill is set to take effect on November 1, 2025, and allows the Attorney General to create rules for its implementation.

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