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Synopsis As Introduced Amends the Third Party Prescription Programs Article of the Insurance Code to change the name of the Article to the Pharmacy Benefits Management Programs Law. Provides for the registration of all pharmacy benefits management programs and pharmacy benefits managers (PBMs) doing business in the State with the Director of the Division of Insurance of the Department of Financial and Professional Regulation. Creates the Advisory Council on Pharmacy Benefits Managers. Makes changes concerning fiduciary and bonding, notice, and contractual requirements, cancellation procedures, denial of payment, and failure to register. Sets forth provisions concerning drug substitution, pricing, claims, maximum allowable cost (MAC) adjustments, audit standards, contact of covered persons, record keeping, information sharing with out-of-network pharmacies, prohibitions, the collection and payment of taxes and fees, and failure to comply. Grants rulemaking authority to the Director of the Division of Insurance. Effective immediately.
Deletes everything after the enacting clause. Amends the Third Party Prescription Programs Article of the Illinois Insurance Code. Provides that references throughout the Article to "Director" mean the Director of the Division of Insurance of the Department of Financial and Professional Regulation and that references to "Division" mean the Division of Insurance of the Department.
Deletes everything after the enacting clause. Amends the Third Party Prescription Programs Article of the Insurance Code to change the name of the Article to the Pharmacy Benefits Management Programs Law. Provides for the licensure of all pharmacy benefits management programs and pharmacy benefits managers (PBMs) doing business in the State with the Director of the Division of Insurance of the Department of Financial and Professional Regulation. Removes certain fiduciary and bonding requirements. Makes changes concerning contractual provisions, cancellation procedures, and denial of payment. Adds provisions concerning disclosures, recoupment and audits, and the examination of business and affairs. Provides that certain provisions of the Law do not apply to licensed insurance companies, Health Maintenance Organizations, Limited Health Services Organizations, and Voluntary Health Services Plans.
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