Committee adopts substitute language to regulate PBMs under insurance framework
The committee accepted a substitute for House Bill 229 that applies Department of Insurance licensing and enforcement to pharmacy benefit managers, with sponsors and a range of stakeholders reported to have collaborated on the language.
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The Senate Financial Institutions, Insurance and Technology Committee accepted substitute language to be the working document for House Bill 229. Vice Chair Lang said the substitute applies the Ohio Department of Insurance's existing licensing and enforcement framework to pharmacy benefit managers as regulated under the bill and aims to "promote fair and level playing fields for PBMs, and to hold bad actors accountable."
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