HR 1011 Summary

• Creates the Arkansas Pharmacy Benefits Manager Licensure Act requiring pharmacy benefits managers to obtain licenses from the Insurance Commissioner before operating in the state

• Establishes licensing requirements including application fees ($500), financial statements, bonding, and network adequacy standards ensuring convenient patient access and fair reimbursement rates

• Prohibits specified practices including deceptive advertising, intervening in prescriptions, charging adjudication fees to pharmacies, imposing recordkeeping standards stricter than state board requirements, and retroactively denying claims except for fraud or duplicate payments

• Creates the Arkansas Pharmacy Benefits Manager Licensure Trust Fund to be funded by application fees, renewal fees, assessments, and penalties, with revenues used to administer the licensing program

• Grants the Insurance Commissioner authority to audit, suspend, revoke licenses, impose penalties and fines, and enforce compliance through formal investigation and hearing procedures