SB2 Summary

• Creates the Arkansas Pharmacy Benefits Manager Licensure Act requiring pharmacy benefits managers to obtain a license from the Insurance Commissioner to operate in Arkansas for health benefit plans.

• Establishes regulatory standards including network adequacy requirements, fair and reasonable reimbursement rates to pharmacies, and prohibits charging pharmacies claim-related fees without commissioner approval.

• Prohibits retroactive claim denials after adjudication except for fraud, duplicate payments, or improperly rendered services; prevents gag clauses that restrict pharmacy disclosure of drug costs to patients.

• Grants the Insurance Commissioner authority to review compensation programs, examine PBM records, issue rules, and establish penalties including monetary fines, license suspension, and revocation for violations.

• Applies to health benefit plans issued or renewed on or after September 1, 2018, with emergency provisions effective upon Governor approval to address sustainability concerns for Arkansas pharmacies.