AR SB544

Defines new terms including "opt-out contract," "pharmacy benefits manager national contract," "place on probation," "underpayment violation," and "unique combination for pharmacy claims" to strengthen regulatory oversight of pharmacy benefits managers (PBMs)

Requires PBMs to provide pharmacies with all claims identification numbers and network information upon request, and prohibits "take it or leave it" contract terms that violate state law

Mandates at least 60 days' notice for opt-out contracts, sent by email, fax, and certified mail if no response within 30 days, giving pharmacies clear opportunity to exit unfavorable agreements

Expands enforcement penalties to allow the Insurance Commissioner to impose $5,000 per violation, place PBMs on probation, suspend specific pharmacy networks, and bar PBMs from state-funded contracts for up to 3 years for repeated violations

Requires PBMs with underpayment violations to pay 12% monthly interest plus the full underpayment amount to affected pharmacies, with no cost passed to patients