Bill > SB1447

This bill, concerning the Oklahoma Employees Insurance Plan, prohibits contracts from being awarded to Pharmacy Benefit Managers (PBMs) that have faced significant legal penalties, specifically those with settlements, fines, or judgments exceeding $4 million in the past five years. A PBM is an entity that manages prescription drug benefits on behalf of health insurers, pharmacy benefit plans, and other payers. The bill also mandates that when evaluating proposals for these contracts, a scoring system must favor bidders who have been domiciled in Oklahoma for at least one year, while disfavoring PBMs with corporate structures that include health insurance companies, retail pharmacy chains, specialty pharmacy businesses, mail-order pharmacy businesses, or pharmaceutical manufacturers. Furthermore, any contracted PBM must certify that it and its contractors with access to protected health information, which refers to individually identifiable health information, comply with the Oklahoma Health Information Exchange Act and hold SOC 2 Type 2 certification, a standard for security and data protection. This legislation is set to take effect on November 1, 2026.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1447&Session=2600