South Carolina § 38-71-2340 Enforcement of article; examination or audit of books and records; penalties for violations.

South Carolina Statutes

§ 38-71-2340 — Enforcement of article; examination or audit of books and records; penalties for violations.

South Carolina·Title 38 INSURANCE·Ch. 71 ACCIDENT AND HEALTH INSURANCE

(A)The director shall enforce this article.

(B)(1) As often as the director deems appropriate, but not less frequently than once every five years, the director may examine or audit the books and records of a pharmacy services administrative organization providing prescription drug coverage or benefits on behalf of pharmacies or pharmacy benefits managers that are relevant to determining if the pharmacy services administrative organization is in compliance with this act. The pharmacy services administrative organization must pay the charges incurred in the examination, including the expenses of the director or his designee and the expenses and compensation of his examiners and assistants. The director or his designee promptly must institute a civil action to recover the expenses of examina

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(A) The director shall enforce this article. (B)(1) As often as the director deems appropriate, but not less frequently than once every five years, the director may examine or audit the books and records of a pharmacy services administrative organization providing prescription drug coverage or benefits on behalf of pharmacies or pharmacy benefits managers that are relevant to determining if the pharmacy services administrative organization is in compliance with this act. The pharmacy services administrative organization must pay the charges incurred in the examination, including the expenses of the director or his designee and the expenses and compensation of his examiners and assistants. The director or his designee promptly must institute a civil action to recover the expenses of examination against a pharmacy services administrative organization which refuses or fails to pay. (2) The information or data acquired during an examination pursuant to this section is considered proprietary and confidential and is not subject to the South Carolina Freedom of Information Act. (C) Violations of this article are subject to the penalties provided in Sections 38-2-10 through 38-2-30. (D) The director may promulgate regulations regarding pharmacy services administrative organizations that are not inconsistent with this article.

South Carolina § 38-71-2340 (Enforcement of article; examination or audit of books and records; penalties for violations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 2023 Act No. 30 (S.520), SECTION 3, eff January 1, 2024. Editor's Note 2023 Act No. 30, SECTION 7, provides as follows: "SECTION 7. This act takes effect January 1, 2024, but the recurring examinations by the Department of Insurance provided for in Sections 38-71-2250(B)(1) and 38-71-2340(B)(1) must not begin before January 1, 2025."