The bill amends various sections of the Oklahoma Statutes to strengthen the regulation of pharmacy benefit managers (PBMs) by enhancing oversight and compliance measures. It updates definitions for terms such as "pharmacy benefits manager" and "health insurer payor," while prohibiting practices like spread pricing and charging fees for participation in retail pharmacy networks. The Attorney General is given expanded authority to review retail pharmacy network access, investigate PBM compliance, and subpoena records. Significant insertions include provisions for the Attorney General to obtain detailed prescription drug transaction information and require PBMs to maintain documentation of network development activities for three years. The bill also mandates PBMs to disclose aggregate prescription drug discounts and rebates to insurers and self-funded employers, with compliance-related subpoenas to be handled in the Oklahoma County District Court.

Additionally, the bill enhances the enforcement capabilities of the Attorney General and the Insurance Commissioner regarding the Patients Right to Pharmacy Choice Act and the Pharmacy Audit Integrity Act. It allows the Attorney General to censure, suspend, or revoke PBM licenses for violations and impose civil penalties ranging from $100 to $10,000. New provisions require PBMs to appeal penalties within specific timelines, with additional penalties for late payments and potential license suspension for prolonged non-compliance. The Attorney General is also authorized to collect fines and restitution, directing funds to a newly established Pharmacy Benefits Manager Enforcement Revolving Fund. The act 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