2018 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 3 - Insurance
Chapter 92 - Multiple Employer Trusts and Self-Insured Plans
Subchapter 5 - Arkansas Pharmacy Benefits Manager Licensure Act
§ 23-92-504. License to do business -- Application -- Fees -- Rules

Universal Citation: AR Code § 23-92-504 (2018)
  • (a)

    • (1) A person or organization shall not establish or operate as a pharmacy benefits manager in Arkansas for health benefit plans without obtaining a license from the Insurance Commissioner under this subchapter.

    • (2) The commissioner shall prescribe the application for a license to operate in Arkansas as a pharmacy benefits manager and may charge application fees and renewal fees as established by rule.

  • (b)

    • (1) The commissioner shall issue rules establishing the licensing, fees, application, financial standards, and reporting requirements of pharmacy benefits managers under this subchapter.

    • (2) (A) When adopting the initial rules to implement this subchapter, the final rule shall be filed with the Secretary of State for adoption under § 25-15-204(f):

      • (i) On or before September 1, 2018; or

      • (ii) If approval under § 10-3-309 has not occurred by September 1, 2018, as soon as practicable after approval under § 10-3-309.

        • (B) The State Insurance Department shall file the proposed rule with the Legislative Council under § 10-3-309(c) sufficiently in advance of September 1, 2018, so that the Legislative Council may consider the rule for approval before September 1, 2018.

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