PHARMACY BENEFIT MGT REG ACT

Creates the Pharmacy Benefit Management Regulation Act. Establishes the standards and criteria for regulation and licensing of pharmacy benefit management companies. Requires pharmacy benefit management companies to obtain a license from the Director of Insurance and to obtain a certificate of authority from the State Pharmacy Board. Provides for financial examination of those companies. Grants enforcement powers to the Director of Insurance and the State Pharmacy Board. Imposes fees and assessments upon pharmacy benefit management companies. Provides for the fees and assessments to be deposited into the Pharmacy Benefit Company Regulation Fund, a special fund in the State treasury. Amends the State Finance Act to add the Fund to the list of special funds. Effective immediately.