An Act relating to insurance; relating to pharmacy benefits managers; relating to dispensing fees; and providing for an effective date.

This law requires pharmacy benefits managers to register with the state director before operating in Alaska and establishes rules for how they must conduct business. The bill mandates that these managers act with transparency and in the best interest of insurance plans and patients, specifically requiring them to pass any payments from drug manufacturers directly to the insurance plan. Additionally, the legislation gives insurance companies the right to request detailed information on drug costs and the financial arrangements between the pharmacy benefits manager and drug makers.