Insurance, Health, Accident - As enacted, removes the aggregate penalty limits for violations of law concerning pharmacy benefits managers; provides that a pharmacy benefits manager regulated under law relative to pharmacy benefits managers is subject to the insurance laws relative to timely reimbursement of health insurance claims and its requirements for timing of payments to pharmacists; provides that a violation of the prompt pay standards is governed by the penalties set out in insurance laws relative to timely reimbursement of health insurance claims. - Amends TCA Title 56.

HB 1244 requires pharmacy benefits managers (PBMs) in Tennessee to pay pharmacies for prescription claims within 30 days for paper submissions and 14 days for electronic submissions if the claim is "clean" (complete, error-free, and without missing documentation). The bill removes previous caps on aggregate penalties for PBMs that fail to meet these payment deadlines, imposing tiered fines up to $200,000 for failing to process 60% of clean claims annually. It also mandates 1% monthly interest on overdue payments and defines key terms like "clean claim" to standardize processing requirements. This directly affects PBMs and pharmacists, ensuring faster reimbursement for prescription services under Tennessee’s insurance laws.