AR SB475

Requires pharmacy services administrative organizations (PSAOs) operating in Arkansas to obtain a license from the Insurance Commissioner, with fees and financial standards established by rule

Mandates PSAOs provide pharmacies with copies of contracts, amendments, and reimbursement rates within 3 calendar days of execution, and notify pharmacies within 5 calendar days of any material ownership changes

Requires PSAOs to disclose ownership or control relationships with entities that manufacture, sell, or distribute prescription drugs, biologicals, or medical devices to the State Insurance Department, pharmacies, and third-party payers

Prohibits PSAOs with ownership ties to drug manufacturers or distributors from requiring pharmacies to purchase drugs or devices solely from those affiliated entities as a condition of the contract

Authorizes the Insurance Commissioner to impose civil penalties up to $5,000 per violation and to revoke or suspend PSAO licenses for non-compliance