S694 - Reegan's Rule/Enforce Pharmacy Benefits Management, Sec. 2: Penalties for Pharmacy Benefit Managers (SL 2015-273)

Overview: Sec. 2 of S.L. 2015-273 expressly grants the Commissioner of Insurance enforcement authority over Pharmacy Benefits Managers (PBMs), allowing the Commissioner to impose a monetary penalty of between $100 and $1,000 per day for each prescription drug resulting from the PBM's failure to comply with the requirements pertaining to maximum allowable cost required by law (G.S. 58-56A-5). The Commissioner may also petition the Superior Court of Wake County for an order directing the PBM to pay restitution if the Commissioner finds that a violation of the laws pertaining to pharmacy benefits management (Article 56A of Chapter 58 of the General Statutes) has occurred.

This section becomes effective July 1, 2016.

[The section of S.L. 2015-273 that pertains to childhood diabetes education is summarized in the HEALTH AND HUMAN SERVICES subject area.]