Bill > SB593

This bill amends the Arkansas Pharmacy Benefits Manager Licensure Act and creates the Pharmacy Services Administrative Organization (PSAO) Act to establish new regulations for PSAOs. The bill modifies existing definitions and introduces new ones, including clarifying what constitutes a pharmacy benefits manager national contract and PSAO contracting. It mandates that PSAOs register with the State Insurance Department, pay an initial registration fee of $250, and submit an annual report detailing their pharmacy contracts and relationships with pharmacy benefits managers. The bill requires PSAOs to disclose ownership structures, particularly any connections to drug manufacturers or retail pharmacies, and notify the department of material changes within five business days. PSAOs must also ensure transparency by providing contract details to pharmacies upon request and can file complaints against pharmacy benefits managers for unfair contract terms. The legislation empowers the Insurance Commissioner to review PSAO agreements, promulgate rules for enforcement, and potentially revoke a PSAO's registration for non-compliance. The bill aims to increase transparency, fairness, and accountability in pharmacy service administrative organizations and their interactions with pharmacies and pharmacy benefits managers.

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https://arkleg.state.ar.us/Bills/Detail?id=sb593&ddBienniumSession=2025%2F2025R