SB544

Senate Bill 544 seeks to amend the Arkansas Pharmacy Benefits Manager (PBM) Licensure Act to increase transparency and regulatory oversight of PBMs. The bill defines new terms such as 'opt-out contract' and 'pharmacy benefits manager national contract' to address contracting practices that may disadvantage local pharmacies. It mandates that PBMs provide specific claims data to pharmacies to facilitate informed decision-making during contract negotiations. Additionally, the bill prohibits PBMs from offering 'take it or leave it' contract terms and requires that any national contracts include Arkansas-specific amendments to ensure compliance with state law. It strengthens the Insurance Commissioner's enforcement authority by allowing for license suspension, probation, or bidding prohibitions for non-compliant PBMs. Finally, the bill establishes strict penalties for 'underpayment violations,' requiring PBMs to pay the underpaid amount plus 12% interest per month to the affected pharmacy or pharmacist.