HB 1500 Summary

• Amends the definition of "health benefit plan" to clarify it includes group plans issued outside Arkansas that provide benefits to Arkansas residents.

• Repeals the requirement for pharmacy benefits managers to submit quarterly reports to the Insurance Commissioner, replacing it with authority for the Commissioner to examine books and records as necessary.

• Expands the Insurance Commissioner's examination authority to include determining amounts paid for pharmacist services itemized by pharmacy, product, and goods and services, including other prescription drug or device services.

• Clarifies that the Arkansas Pharmacy Benefits Manager Licensure Act applies to health benefit plans issued outside the state if they provide healthcare benefits to Arkansas residents.

• Adds a new section stating that network adequacy requirements do not limit the Insurance Commissioner's power to examine or audit pharmacy benefits managers' books and records.