Details registration process, record keeping requirements, and outlines applicable fees.
Proposed Amendments
Establishes process for registration to become a PBM by filing director provided forms.
Qualification requirements include trustworthiness as defined by law who have not committed acts worthy of license suspension, must also make appropriate disclosures.
Applicants must submit required documentation, and update changes within 30 days.
Established record keeping requirements for PBMs including complete books and records of claims reimbursements for each insurer, available for director review.
Records must be retained for the entirety of insurer relationship, and 3 years after.
PBMs who are found to have violated any applicable provisions are subject to a civil penalty up to $10,000 and up to $25,000 if in willful violation, or potential suspension.
Adds pharmacy benefit managers to a list of professional licenses with licensing fees.
Raises the fee for initial application or biannual renewal of license from $300 to $5000.
Standardizes fee for an individual exemption as a manager or administrator as $1000.
Consultation
In person hearing re assessments will be held on Mar. 5, 2025, in Anchorage, Juneau.
Comments on proposed amendments to regulations may be made by Mar. 17, 2025.
Jun. 2025 ALSK INS Rule Adoption
On Jun. 13, 2025, ALSK INS issued notice of adopted rule, effective on Jul. 13, 2025.
Regulation amendments on PBMs will be published in State Register 255, in Oct. 2025.
