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Arkansas committee reviews emergency PBM rule, adopts study on local pharmacy ownership
Summary
The Joint Senate Insurance & Commerce Committee reviewed emergency amendments to Rule 118 to extend PBM oversight to self-funded plans and adopt pharmacy audit protections, and adopted three interim study proposals including Rep. Jim Wooten’s study on pharmacy ownership and Arkansas participation.
The Joint Senate Insurance & Commerce Committee on the floor reviewed emergency amendments to Rule 118, the Arkansas Insurance Department rule that governs pharmacy benefit managers (PBMs), and voted to enter three interim study proposals (ISPs) into the record, including a study requested by Rep. Jim Wooten on pharmacy ownership and local participation.
Booth Ran of the Arkansas Insurance Department told the committee the rulemaking implements statutory changes that extend the PBM licensure act to self-funded employer plans following the U.S. Supreme Court decision in Rutledge v. PCMA. Ran said the emergency filing also incorporates the Pharmacy Audit Bill of Rights and departmental bulletins on appeals, complaints, invoicing and PBM "seasoning" practices into Rule 118. "We filed this rule last week with the executive subcommittee on an emergency basis," Ran said, adding the department will also file it as a permanent rule and hold a public hearing in July.
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