The purpose of this chapter is to establish standards and criteria for the licensure and regulation of pharmacy benefit managers providing claims processing services or other prescription drug or device services for health benefit plans by:
(1) promoting, preserving, and protecting the public health, safety, and welfare through effective regulation and licensure of pharmacy benefit managers;(2) promoting the solvency of the commercial health insurance industry, the regulation of which is reserved to the states by the McCarran-Ferguson Act, 15 U.S.C. §§ 1011 - 1015, as well as providing for consumer savings and for fairness in prescription drug benefits;(3) providing for the powers and duties of the Commissioner of Financial Regulation; and(4) prescribing penalties and fines for violations of this chapter.Added by 2024, No. 127,§ 1, eff. 7/1/2024.