House Journal: Page 954: Wednesday, April 2, 2003
37 statement or report for good cause shown. However,
38 the commissioner shall not extend the time for filing
39 annual statements beyond sixty days after the time
40 prescribed by subsection 1. A pharmacy benefits
41 manager which fails to file its annual statement
42 within the time prescribed by this section may have
43 its licensed revoked by the commissioner or its
44 certificate of authority revoked or suspended by the
45 board until the annual statement is filed. The
46 commission may waive the requirements for a pharmacy
47 benefits manager to file financial information if an
48 affiliate of the pharmacy benefits manager is also
49 required to file the same information.
50 Sec. . NEW SECTION. 155B.7 FINANCIAL
Page 6
1 EXAMINATION.
2 1. In lieu of or in addition to performing a
3 financial examination of a pharmacy benefits manager,
4 the commissioner may accept the report of a financial
5 examination by another person responsible for pharmacy
6 benefits managers under the laws of another state who
7 is certified by the insurance supervisory official,
8 similar regulatory agency, or the state health
9 commissioner of the other state.
10 2. The commissioner shall coordinate financial
11 examinations of pharmacy benefits managers that
12 provide pharmacy management benefits plans in this
13 state to ensure an appropriate level of regulatory
14 oversight and to avoid any undue duplication of effort
15 or regulation. The pharmacy benefits manager being
16 examined shall pay the cost of the examination.
17 Payments of the cost of the examination shall be
18 collected by the commissioner and shall be deposited
19 in the pharmacy benefits manager fund created in
20 section 155B.16.
21 Sec. . NEW SECTION. 155B.8 ASSESSMENT.
22 1. The expense of administering this chapter,
23 including the costs incurred by the commissioner and
24 the board, shall be assessed annually by the board
25 against all pharmacy benefits managers operating in
26 this state. Before determining the assessment, the
27 board shall request from the commissioner an estimate
28 of all expenses for the regulation, supervision, and
29 examination of all companies subject to regulation
30 under this chapter. The assessment shall be in
31 proportion to the business done in this state.
32 2. Assessments shall be collected by the
33 commissioner and shall be deposited in the pharmacy
34 benefits manager fund created in section 155B.16.
35 3. The board shall provide each pharmacy benefits
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League of Women Voters of Iowa
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