The proposed bill, known as the Oklahoma Rebate Pass-Through and Pharmacy Benefits Manager Meaningful Transparency Act of 2025, seeks to enhance transparency and accountability in the pharmacy benefits management (PBM) sector. It introduces new definitions and requirements for PBMs, including the obligation to disclose information regarding rebates and discounts from pharmaceutical manufacturers. The bill mandates that health insurers maintain documentation of network development activities for at least three years and report quarterly to the Attorney General on financial metrics related to rebates. Additionally, it establishes that an enrollee's cost-sharing for prescription drugs must be calculated based on a price reduced by at least 85% of all rebates received.

The legislation also outlines specific prohibitions for PBMs, such as charging pharmacists fees related to claim adjudication and engaging in spread pricing practices. It emphasizes the rights of pharmacies to inform patients about cost differences between prescribed drugs and cheaper alternatives. Furthermore, the bill introduces new licensure requirements for PBMs, mandating that they obtain a license from the Insurance Department, which will include detailed disclosures about management personnel and beneficial owners. The Department is granted authority to enforce compliance, including the ability to suspend or revoke licenses for noncompliance or deceptive practices. The bill is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 36-6960, 36-6962, 59-357, 59-358