IL SB3117

Establishes that pharmacy benefit managers have a fiduciary duty to third parties with which they contract to manage pharmacy benefit plans.

Requires pharmacy benefit managers to notify third parties in writing of any activities, policies, or practices that present conflicts of interest interfering with their fiduciary duties.

Authorizes the Director of Insurance to refuse to issue, suspend, or revoke a pharmacy benefit manager's license or impose a fine if they fail to adequately discharge their fiduciary duty.

Takes effect immediately upon becoming law.