SB134

What it does

• Requires pharmacy benefits managers and third-party administrators to hold a license under specific sections of law.
• Allows the director to examine the affairs, transactions, accounts, records, and assets of these companies as often as considered advisable or when an investigation is necessary.
• Permits the state to conduct examinations in participation with the National Association of Insurance Commissioners.
• Requires examined entities to pay for examiner salaries, benefits, overhead, travel expenses, and contract examiner compensation unless a financial hardship waiver is granted by the director.
• Exempts compliance officers at third-party administrators or pharmacy benefits managers from certain standard licensing requirements that apply to other insurance producers.