SB660: Health insurance; pharmacy benefits managers, reporting requirements, civil penalty.

Legislative Summary

Health insurance; pharmacy benefits managers; reporting requirements; civil penalty. Provides that a person that violates the existing requirement to obtain a license prior to providing pharmacy benefits management services or otherwise acting as a pharmacy benefits manager may be subject to a civil penalty of $5,000 for each day on which such violation occurs. The bill adds additional requirements to existing reporting requirements for insurance carriers relating to pharmacy benefits managers. Such additional requirements include (i) the aggregate amount of a pharmacy benefits manager's retained rebates, as defined in the bill; (ii) a pharmacy benefits manager's aggregate retained rebate percentage, as defined in the bill; and (iii) the aggregate amount of administrative fees received by a pharmacy benefits manager.