AR SR9

Creates the Arkansas Pharmacy Benefits Manager Licensure Act requiring pharmacy benefits managers providing services to Arkansas residents to obtain a license from the Insurance Commissioner with a $500 application fee

Establishes licensing requirements including financial statements, organizational documents, board member information, and a bond to ensure funds are paid to pharmacies and pharmacists

Prohibits deceptive practices such as misleading advertising, interfering with prescriptions, charging pharmacies adjudication fees, and retroactively denying claims except for fraud or duplicate payments

Requires annual financial statements filed by March 1, with independent audit reports filed within 90 days, and authorizes the Insurance Commissioner to assess administrative expenses against all licensed pharmacy benefits managers

Creates the Arkansas Pharmacy Benefits Manager Licensure Trust Fund to collect application fees, renewal fees, assessments, and penalties for use by the State Insurance Department in administering the act