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Senate committee advances bill to close PBM enforcement gap, raise fines
Summary
The Senate Insurance & Commerce Committee voted to pass Senate Bill 94, which extends Arkansas PBM rules to out-of-state health plans with Arkansas resident subscribers, raises per-violation fines and substitutes rebate reporting with audit authority; supporters cited thousands of declined prescriptions as evidence of a loophole.
Senate Bill 94, aimed at tightening regulation of pharmacy benefit managers, passed the Senate Insurance & Commerce Committee after proponents said it closes a gap that allows PBMs serving out-of-state plans to evade Arkansas oversight. The bill would apply the state’s PBM licensure requirements to health plans issued outside Arkansas that have Arkansas resident subscribers and would increase penalties for violations.
Booth Rand, general counsel for the Arkansas Insurance Department, told the committee the bill fixes “one of the more significant loopholes” in enforcement by applying Arkansas rules to plans issued outside the state when they cover…
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