Alaska regulators are implementing stricter oversight measures for pharmacy benefit managers (PBMs) following a series of regulatory changes enacted last year. The new requirements, outlined in a bulletin from the Alaska Division of Insurance, increase registration fees, mandate greater transparency, and impose stricter compliance rules on PBMs operating within the state.
The changes will be introduced in two phases, according to a news release. The first set of rules focuses on the registration process, while the second will address claims processing, grievances, and appeals involving PBMs.
Under the new regulations, PBM registration fees will rise significantly from $300 to $5,000, and fees for certain exemption applications will increase from $100 to $1,000. PBMs will also be required to disclose information on their owners, officers, directors, and partners as part of the registration process.
Additionally, applicants must provide details on service agents and key personnel, as well as financial statements from the past two years. They must also demonstrate trustworthiness, with no history of registration denials or revocations, according to the regulatory notice.
PBMs will be required to maintain claim reimbursement records for the duration of their agreements with insurers or for at least three years after ceasing operations with a carrier. These records must be made available to the insurance commissioner within 10 days upon request.
The Alaska Department of Insurance has scheduled a public hearing on the proposed PBM regulations for March 5 and will accept public comments on the changes until March 17.
Alaska’s actions align with a broader national push for PBM regulation, the news release noted. In December, lawmakers introduced federal legislation aimed at preventing PBMs or insurers from owning pharmacy businesses, reflecting growing scrutiny of industry practices.
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