§ 2903 — Registration requirements for pharmacy benefit managers

§ 2903. Registration requirements for pharmacy benefit managers. (a)\nEvery pharmacy benefit manager that performs pharmacy benefit management\nservices on or after June first, two thousand twenty-two and prior to\nJanuary first, two thousand twenty-four shall register with the\nsuperintendent in a manner acceptable to the superintendent, and shall\npay a fee of four thousand dollars for each year or fraction of a year\nin which the registration shall be valid. The superintendent, in\nconsultation with the commissioner of health, may establish, by\nregulation, minimum registration standards required for a pharmacy\nbenefit manager. The superintendent can reject a registration\napplication filed by a pharmacy benefit manager that fails to comply\nwith the minimum registration standards.\n (b) For each business entity, the officer or officers and director or\ndirectors named in the application shall be designated responsible for\nthe business entity's compliance with the financial services and\ninsurance laws, rules and regulations of this state.\n (c) Every registration will expire on December thirty-first, two\nthousand twenty-three regardless of when registration was first made.\n (d) Every pharmacy benefit manager that performs pharmacy benefit\nmanagement services at any time prior to June first, two thousand\ntwenty-two, shall make the registration and fee payment required by\nsubsection (a) of this section on or before June first, two thousand\ntwenty-two. Any other pharmacy benefit manager shall make the\nregistration and fee payment required by subsection (a) of this section\nprior to performing pharmacy benefit management services.\n (e) Registrants under this section shall be subject to examination by\nthe superintendent as often as the superintendent may deem it necessary.\nThe superintendent may promulgate regulations establishing methods and\nprocedures for facilitating and verifying compliance with the\nrequirements of this article and such other regulations as necessary to\nenforce the provisions of this article.\n