Section 17B:27F-3.4 - [Effective 1/1/2025] Carrier, use of pharmacy benefits manager, administer, manage, prescription drug benefits, claims, parametersa. If a carrier uses a pharmacy benefits manager to administer or manage the prescription drug benefits of covered persons, any pharmacy benefits manager compensation, for purposes of calculating a carrier's anticipated loss ratio or any loss ratio calculated as part of any applicable medical loss ratio filing or rate filing, shall:(1) constitute an administrative cost incurred by the carrier in connection with a health benefits plan; and(2) not constitute a benefit provided under a health benefits plan. A carrier shall claim only the amounts paid by the pharmacy benefits manager to a pharmacy or pharmacist as an incurred claim.b. Any rate filing submitted by a carrier with respect to a health benefits plan that provides coverage for prescription drugs or pharmacy services and that is administered or managed by a pharmacy benefits manager shall include: (1) a memorandum prepared by a qualified actuary describing the calculation of the pharmacy benefits manager compensation; and(2) any records and supporting information as the department reasonably determines is necessary to confirm the calculation of the pharmacy benefits manager compensation.c. Upon request, a carrier shall provide any records to the department that relate to the calculation of the pharmacy benefits manager and pharmacy services administrative organization compensation.d. A pharmacy benefits manager and pharmacy services administrative organization shall provide any necessary documentation requested by a carrier that relates to pharmacy benefits manager compensation in order to comply with the requirements of this section.Added by L. 2023, c. 107,s. 9, eff. 1/1/2025, app. to contracts and agreements entered into, renewed, modified, or amended on or after the effective date.