Insurance Department Releases Proposed PBM Rule

The Arkansas Insurance Department released a proposed rule regulating pharmacy benefits managers Monday (June 4) and a public hearing is scheduled for July 11.

The proposed rule would administer a law passed during a special session this year creating the legal framework for licensing and regulating PBMs, which provide claims processes and other services and act as middlemen between pharmacists and health insurers. They can negotiate lower rates with pharmacists because they are national companies and because three of them control the market. The rule’s effective date is Jan. 1, 2019.

The public meeting will be at 10:30 a.m. July 11 at the Arkansas Insurance Department’s first floor hearing room.   MORE

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