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Committee approves bill to hold pharmacy benefit managers to insurer-like prompt-payment standards
Summary
House Bill 1244, as amended, passed the Insurance Committee and moves to Government Operations; the amendment removed statutory caps on individual and aggregate penalties and attached prompt-payment standards for pharmacy benefit managers (PBMs).
The House Insurance Committee voted to advance House Bill 1244, an amended measure that would hold pharmacy benefit managers to prompt-payment standards similar to those applied to health insurers and would remove limits on individual and aggregate penalties for violations by PBMs.
Sponsor Representative Martin explained the amendment (No. 5,191) and said the bill removes limits on penalties and requires PBMs to meet prompt-payment standards comparable to insurers. "This bill holds pharmacy benefit managers accountable for prompt payment standards similar to health insurers and also removes limits on individuals and aggregate penalties for violating the law made by pharmacy benefit managers," Martin said.
Committee members declined an offered witness and voted without further debate. The clerk recorded 14 ayes, 0 nays. House Bill 1244 will proceed to the Government Operations Committee.
No fiscal notes or additional policy references were discussed on the Insurance floor during this session; the committee attached Amendment 5,191 to the bill before voting.
