SB3058 Summary

• Amends the Illinois Insurance Code Section 513b2 to make a technical correction regarding pharmacy benefit manager licensure requirements

• Requires pharmacy benefit managers to register with the Director of Insurance beginning July 1, 2020, by submitting a nonrefundable fee (not to exceed $500), corporate charter documents, and a completed registration form with company and officer information

• Registration certificates are valid for 2 years and are nontransferable; registrants must report any changes in required information to the Director within 60 days

• Sets initial and renewal registration fees at a maximum of $500 each, with total fees capped at the cost of administering the registration program

• Directs the Department of Insurance to adopt rules necessary to implement the pharmacy benefit manager registration requirements