New law puts Florida insurance regulators in charge of pharmacy benefit managers

New law puts Florida insurance regulators in charge of pharmacy benefit managers

Pharmacy benefit managers (PBMs) that don’t register with the Office of Insurance Regulation (OIR) could get hit with a $10,000 fine under a new law that takes effect July 1.

Signed by Gov. Ron DeSantis Monday, HB 357 passed the Legislature unanimously and was sponsored by Tampa Republican Rep. Jackie Toledo.

PBMs are responsible for managing the pharmacy benefits of about 270 million Americans.

Toledo’s bill builds off the Florida Pharmacy Act, initially passed in 2014 and amended by lawmakers 2018.

The 2014 law established the rights that pharmacists are entitled to while being audited, including having at least seven days’ advance notice before any initial onsite audit can be conducted. E...

Full story at Florida Politics

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