INS-PHARMACY BENEFIT MANAGERS

Amends the Illinois Insurance Code. Provides that upon request by a party contracting with a pharmacy benefit manager, the party has an annual right to audit compliance with the terms of the contract by the pharmacy benefit manager, including, but not limited to, full disclosure of any value provided by a pharmaceutical manufacturer to a pharmacy benefit manager or the parent, subsidiary, or affiliate company of a pharmacy benefit manager. Provides that upon request by a party contracting with a pharmacy benefit manager, a pharmacy benefit manager shall disclose the actual amounts paid by the pharmacy benefit manager to the pharmacy. Provides that a pharmacy benefit manager must provide notice to the party contracting with the pharmacy benefit manager of any consideration that the pharmacy benefit manager's parent, subsidiary, or affiliate companies receive from the manufacturer for dispense as written prescriptions once a generic or biologically similar product becomes available. Provides that any provision of a contract entered into, amended, or renewed on or after the effective date of the amendatory Act that is contrary to provisions concerning pharmacy benefit managers is unenforceable. Defines "value".