Bill > H4796

This bill amends two sections of South Carolina law regarding compliance examinations for Pharmacy Services Administrative Organizations (PSAOs) and Pharmacy Benefit Managers (PBMs), which are entities that manage prescription drug benefits for health plans. The amendments standardize the examination process by subjecting these organizations to the general examination requirements outlined in Chapter 13, Title 38 of the state code. Under the revised law, the director of insurance may conduct examinations of these organizations' books and records at least once every five years to ensure compliance with existing regulations. The organizations are required to pay for the expenses of these examinations, and if they refuse, the director can initiate a civil action to recover costs. Additionally, the bill maintains the confidentiality of information gathered during these examinations, protecting it from public disclosure under the South Carolina Freedom of Information Act. The bill will take effect upon the Governor's approval, providing a consistent regulatory framework for oversight of PSAOs and PBMs in the state.

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https://www.scstatehouse.gov/billsearch.php?billnumbers=4796&session=126&summary=B