The bill amends various sections of the Oklahoma Statutes to enhance the regulation of pharmacy benefit managers (PBMs) and increase oversight by the Attorney General. Key changes include updated definitions for "pharmacy benefits manager" and "health insurer," specifically including businesses licensed by the Insurance Department to provide PBM services. The bill prohibits certain practices by PBMs, such as charging fees for claims adjudication and engaging in spread pricing. It also mandates transparency regarding rebates and pricing data, allowing the Attorney General to investigate PBMs more thoroughly, including the ability to subpoena records and impose fines for non-compliance. New legal language establishes that compliance-related subpoenas will be handled by the Oklahoma County District Court.

Additionally, the bill enhances the Attorney General's authority to enforce compliance with the Patients Right to Pharmacy Choice Act, allowing for censure, suspension, or revocation of PBM licenses for violations, along with civil penalties ranging from $100 to $10,000 per violation. It also provides for restitution for economic losses incurred by pharmacies or patients due to PBM violations. The bill includes provisions for public hearings and appeals regarding the Attorney General's decisions, with penalties for non-compliance that may include daily fines and license suspension. The legislation is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 36-6960, 36-6962, 36-6965
Committee Substitute: 36-6960, 36-6962, 36-6965
Floor (House): 36-6960, 36-6962, 36-6965
Floor (Senate): 36-6960, 36-6962, 36-6965
Engrossed: 36-6960, 36-6962, 36-6965
Enrolled (final version): 36-6960, 36-6962, 36-6965