Beginning January 1, 2020, a person may not act as a pharmacy benefits manager in this State without first obtaining a license from the superintendent in accordance with this section and paying the licensing fee required under section 601, subsection 28‑A.
1.Applicant information.
An applicant for licensure as a pharmacy benefits manager must file with the superintendent at least the following information:
2.Qualification.
The superintendent may issue a pharmacy benefits manager license to an applicant only if the superintendent is satisfied that the applicant possesses the necessary organization, expertise and financial integrity to supply the services sought to be offered.
3.Restrictions permitted.
The superintendent may issue a pharmacy benefits manager license subject to restriction
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Beginning January 1, 2020, a person may not act as a pharmacy benefits manager in this State without first obtaining a license from the superintendent in accordance with this section and paying the licensing fee required under section 601, subsection 28‑A.
1.
Applicant information.
An applicant for licensure as a pharmacy benefits manager must file with the superintendent at least the following information:
2.
Qualification.
The superintendent may issue a pharmacy benefits manager license to an applicant only if the superintendent is satisfied that the applicant possesses the necessary organization, expertise and financial integrity to supply the services sought to be offered.
3.
Restrictions permitted.
The superintendent may issue a pharmacy benefits manager license subject to restrictions or limitations, including the type of services that may be supplied or the activities in which the pharmacy benefits manager may engage.
4.
Valid for 3 years.
A license issued pursuant to this section is valid for a period of 3 years and must be renewed.
5.
Nontransferable.
A license issued pursuant to this section is not transferable.
6.
Suspension, revocation or probationary license.
The superintendent may suspend, revoke or place on probation a pharmacy benefits manager license under any of the following circumstances:
7.
Penalty for failure to obtain license.
If a pharmacy benefits manager acts without obtaining a license pursuant to this section, the pharmacy benefits manager is subject to a fine of $5,000 per day for the period the pharmacy benefits manager is found to be in violation.
8.
Rules.
The superintendent may adopt routine technical rules pursuant to Title 5, chapter 375, subchapter 2‑A to administer and enforce the requirements of this section.
9.
Enforcement.
The superintendent may enforce this section under sections 220 and 223 and other provisions of this Title.
10.
Registration remains effective until January 1, 2020 or registration date.
The registration of a pharmacy benefits manager issued during 2019 in accordance with former section 1913 remains valid until January 1, 2020 or the next yearly anniversary of the registration date, whichever is later. Upon expiration of that registration, the pharmacy benefits manager shall obtain a license under this section in order to do business in this State.