RI S3060

Requires all pharmacy benefit managers (PBMs) to obtain a certificate of authority from the Rhode Island Department of Business Regulation before operating in the state, with a $10,000 annual application/renewal fee and 24-month certificate terms.

Mandates annual reporting by July 1st on all rebates, discounts, fees, and payments received from drug manufacturers, including detailed rebate contract terms, formulary placement conditions, and amounts retained versus passed to insurers.

Establishes penalties of $10,000 for first violations and $15,000 for subsequent violations, or the aggregate gross receipts from all violations, plus restitution and compensatory damages to harmed parties.

Authorizes the Director to suspend or revoke certificates for violations including fraud, misrepresentation, incompetence, unfair trade practices, or having a license denied/revoked in another state.

Holds PBMs responsible for actions of subcontractors, affiliates, and subsidiaries that violate the law, regardless of whether the PBM was aware of or sanctioned the conduct.