(a) (1) A person or organization shall not establish or operate as a pharmacy benefits manager in Arkansas for health benefit plans without obtaining a license from the Insurance Commissioner under this subchapter.(2) The commissioner shall prescribe the application for a license to operate in Arkansas as a pharmacy benefits manager.
(1) A person or organization shall not establish or operate as a pharmacy benefits manager in Arkansas for health benefit plans without obtaining a license from the Insurance Commissioner under this subchapter.
(2) The commissioner shall prescribe the application for a license to operate in Arkansas as a pharmacy benefits manager.
(b) The commissioner shall issue rules establishing the licensing, application, financial standards, penalties, compliance and enforcement requirements, and reporting requirements of pharmacy benefits managers under this subchapter.
(c) (1) An initial application fee for a license as a pharmacy benefits manager is twenty thousand dollars ($20,000) per pharmacy benefits manager licensed under this subchapter.(2) (A) A renewal application fee for a license as a pharmacy benefits manager is twenty thousand dollars ($20,000) per pharmacy benefits manager licensed under this subchapter.(B) A renewal application and a renewal application fee are required annually.(C) The commissioner may reduce the initial application fee under subdivision (c)(1) of this section or renewal application fee under subdivision (c)(2) of this section for a pharmacy benefits manager if the initial application fee or renewal application fee would constitute a financial hardship that would prevent a pharmacy benefits manager from doing business in this state or competing in the marketplace considering the limited number of Arkansas patients impacted or the limited type of pharmacy benefits manager services offered.
(1) An initial application fee for a license as a pharmacy benefits manager is twenty thousand dollars ($20,000) per pharmacy benefits manager licensed under this subchapter.
(2) (A) A renewal application fee for a license as a pharmacy benefits manager is twenty thousand dollars ($20,000) per pharmacy benefits manager licensed under this subchapter.(B) A renewal application and a renewal application fee are required annually.(C) The commissioner may reduce the initial application fee under subdivision (c)(1) of this section or renewal application fee under subdivision (c)(2) of this section for a pharmacy benefits manager if the initial application fee or renewal application fee would constitute a financial hardship that would prevent a pharmacy benefits manager from doing business in this state or competing in the marketplace considering the limited number of Arkansas patients impacted or the limited type of pharmacy benefits manager services offered.
(A) A renewal application fee for a license as a pharmacy benefits manager is twenty thousand dollars ($20,000) per pharmacy benefits manager licensed under this subchapter.
(B) A renewal application and a renewal application fee are required annually.
(C) The commissioner may reduce the initial application fee under subdivision (c)(1) of this section or renewal application fee under subdivision (c)(2) of this section for a pharmacy benefits manager if the initial application fee or renewal application fee would constitute a financial hardship that would prevent a pharmacy benefits manager from doing business in this state or competing in the marketplace considering the limited number of Arkansas patients impacted or the limited type of pharmacy benefits manager services offered.