House Journal: Page 952: Wednesday, April 2, 2003
39 h. The pharmacy benefits manager has failed to
40 file an annual statement with the commissioner in a
41 timely manner.
42 i. The pharmacy benefits manager has otherwise
43 failed to substantially comply with this chapter.
44 4. When the certificate of authority of a pharmacy
45 benefits manager is revoked, the company shall
46 proceed, immediately following the effective date of
47 the order of revocation, to conclude the company's
48 affairs and shall conduct no further business except
49 as may be essential to the orderly conclusion of the
50 affairs of the company. The board may permit further
Page 4
1 operation of the company as the board may find to be
2 in the best interest of enrollees so that the
3 enrollees will be afforded the greatest practical
4 opportunity to obtain pharmacists' services.
5 Sec. . NEW SECTION. 155B.5 LICENSE TO DO
6 BUSINESS.
7 1. The commissioner shall not issue an annual
8 license to do business in this state to any pharmacy
9 benefits manager providing pharmacy benefits
10 management plans until the commissioner is satisfied
11 that the pharmacy benefits manager has complied with
12 all of the following:
13 a. Paid all fees, taxes, and charges required by
14 law.
15 b. Has made any deposit required by this chapter.
16 c. Has met the minimum capital and surplus
17 requirements specified by the commissioner.
18 d. Has filed any necessary financial statement and
19 any reports, certificates, or other documents the
20 commissioner considers necessary to secure a full and
21 accurate knowledge of the company's affairs and
22 financial condition.
23 e. Is solvent, and the company's financial
24 condition, method of operation, and manner of doing
25 business satisfy the commissioner that the company can
26 meet the company's obligations to all enrollees.
27 f. Has otherwise complied with all the
28 requirements of law.
29 2. The license shall be in addition to the
30 certificate of authority required by the board. A
31 nonrefundable license application fee of five hundred
32 dollars shall accompany each application for a license
33 to transact business in this state. The fee shall be
34 collected by the commissioner and shall be deposited
35 in the pharmacy benefits manager fund created in
36 section 155B.16.
37 3. The license shall be signed by the commissioner
© 2003 Cornell College and
League of Women Voters of Iowa
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