SB94

Senate Bill 94 modifies the Arkansas Pharmacy Benefits Manager (PBM) Licensure Act. It amends the definition of 'health benefit plan' to include plans issued outside of Arkansas that provide benefits to residents of the state. The bill eliminates the requirement for PBMs to submit routine quarterly reports to the Insurance Commissioner. Instead, it shifts the regulatory approach to an audit-based system, explicitly granting the Insurance Commissioner the authority to examine the books and records of PBMs as necessary to ensure compliance with pricing, rebate, and payment requirements. It also clarifies that information gathered during these examinations is considered proprietary, confidential, and exempt from the Freedom of Information Act. Finally, it strengthens the enforcement authority of the Commissioner by outlining specific penalties, including license suspension or revocation, for PBMs that fail to adhere to established pricing and cost-determination standards.