House Journal: Page 953: Wednesday, April 2, 2003
38 or the commissioner's agent and shall expire on the
39 next June 30 after the date on which the license
40 becomes effective.
41 4. A pharmacy benefits manager providing pharmacy
42 benefits management plans shall obtain an annual
43 renewal of the company's license from the
44 commissioner. The commissioner may refuse to renew
45 the license of any pharmacy benefits manager or may
46 renew the license, subject to any restrictions
47 considered appropriate by the commissioner, if the
48 commissioner finds an impairment of required capital
49 and surplus, or if the commissioner finds that the
50 pharmacy benefits manager has not satisfied all the
Page 5
1 conditions specified in this chapter. The
2 commissioner shall not fail to renew the license of
3 any pharmacy benefits manager to transact business in
4 this state without providing the pharmacy benefits
5 manager ten days' notice and providing the company an
6 opportunity to be heard. The hearing may be informal,
7 and the commissioner and the pharmacy benefits manager
8 may waive the required notice.
9 Sec. . NEW SECTION. 155B.6 ANNUAL STATEMENT.
10 1. A pharmacy benefits manager providing pharmacy
11 management benefits plans in this state shall file a
12 statement with the commissioner annually by March 1.
13 The statement shall be verified by at least two
14 principal officers of the pharmacy benefits manager
15 and shall cover the preceding calendar year. The
16 pharmacy benefits manager shall also submit a copy of
17 the statement to the board.
18 2. The statement shall be on forms prescribed by
19 the commissioner and shall include all of the
20 following:
21 a. A financial statement of the company, including
22 its balance sheet and income statement for the
23 preceding year.
24 b. The number of persons enrolled during the year,
25 the number of enrollees as of the end of the year, and
26 the number of enrollments terminated during the year.
27 c. Any other information relating to the
28 operations of the pharmacy benefits manager required
29 by the commissioner pursuant to this chapter.
30 3. If the pharmacy benefits manager is audited
31 annually by an independent certified public
32 accountant, a copy of the certified audit report shall
33 be filed annually with the commissioner by June 30.
34 4. The commissioner may extend the time prescribed
35 for any pharmacy benefits manager for filing an annual
36 statement or other reports, or exhibits of the
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League of Women Voters of Iowa
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