FL S0580

Redefines "administrator" under insurance law to include pharmacy benefits managers as defined in s. 465.1862(1).

Requires the Office of Insurance Regulation to conduct quarterly audits of pharmacy benefits managers holding certificates of authority to determine compliance with s. 465.1862.

Adds violations of s. 465.1862 and s. 465.1885 as grounds for suspension, revocation, or administrative fines (up to $5,000 per violation, $25,000 aggregate) against administrators.

Prohibits the Office of Insurance Regulation from penalizing pharmacy benefits managers for operating as administrators for 180 days after the act's effective date if they apply for a certificate of authority within 90 days and receive it within 180 days.