Pharmacy Benefit Prompt Pay Act and State Health Insurance Plan; revise.
What changed between versions
Transfers all regulatory powers and duties over pharmacy benefit managers from the State Board of Pharmacy to the Commissioner of Insurance effective July 1, 2026.
Creates a new special fund in the State Treasury to support the Department of Insurance's regulation of pharmacy benefit managers, with unobligated funds from the previous Board of Pharmacy fund transferred to this new fund.
Requires pharmacy benefit managers to provide reasons for claim denials within seven days of receiving an electronic claim.
Prohibits retaliation against pharmacists by pharmacy benefit managers, including termination, increased audits, or delayed payments.
Redefines the 'Board' to mean the State Board of Pharmacy for general pharmacy practice, while 'Commissioner' refers to the Commissioner of Insurance for pharmacy benefit manager regulation.
Changes enforcement authority for pharmacy benefit manager violations from the Board of Pharmacy to the Commissioner of Insurance.
Updates various reporting deadlines and effective dates to align with the transfer of authority to the Commissioner of Insurance.