To prohibit pharmacy benefit managers from preventing pharmacies and pharmacists from disclosing information on the amount an individual would pay for a prescription drug if he or she does not have an insurance plan, benefits, discounts, or if an individual paid for a prescription without using their pharmacy benefits; and to require pharmacy benefit managers to register with the Department of Insurance. (Ala. Act 2019-457, effective June 7, 2019).
Pharmacy Benefits Manager (PBM) means a person, business, or entity, including a wholly or partially owned or controlled subsidiary of a pharmacy benefits manager, that provides claims processing services or other prescription drug or device services, or both for health benefit plans.
All PBM applicants must register through the ALDOI’s online registration portal. When you register, you will be asked to upload a copy of the registrant’s corporate charter, articles of incorporation, or other charter documents.
A non-refundable payment of $500.00 will be collected at the end of the registration process.
This “registration” will be up for renewal biennially every “odd” year regardless of when registration was originally completed. The renewal fee of $500.00 is also non-refundable.