SB94 Summary

• Amends the definition of "health benefit plan" to clarify it includes group plans issued outside Arkansas that provide benefits to state residents, while excluding accident-only, specified disease, disability income, and workers' compensation plans.

• Repeals the requirement for pharmacy benefits managers to file quarterly reports with the Insurance Commissioner on rebates and payments.

• Authorizes the Insurance Commissioner to examine pharmacy benefits manager books and records to verify aggregate rebates received, distributed, and passed to enrollees, plus amounts paid for pharmacist services.

• Clarifies the Insurance Commissioner's authority to enforce compliance, including imposing penalties up to $5,000 per violation or revoking/suspending licenses for pattern violations or failure to follow Maximum Allowable Cost List pricing processes.

• Applies the subchapter to out-of-state health benefit plans that provide benefits to Arkansas residents.