H.F. _____ Section 1. Section 510B.3, subsection 1, Code 2015, is 1 amended to read as follows: 2 1. The commissioner shall enforce the provisions of this 3 chapter . A pharmacy benefits manager is subject to regulation 4 by the commissioner pursuant to chapter 507B relating to 5 unfair insurance trade practices and chapter 510 relating to 6 third-party administrators in addition to the provisions of 7 this chapter. 8 Sec. 2. Section 510B.3, Code 2015, is amended by adding the 9 following new subsection: 10 NEW SUBSECTION . 3. Failure of a pharmacy benefits manager 11 to respond to inquiries from the commissioner in accordance 12 with an investigation to determine compliance with this chapter 13 shall result in revocation of the pharmacy benefits manager’s 14 certification as a third-party administrator as provided in 15 section 510B.2. 16 EXPLANATION 17 The inclusion of this explanation does not constitute agreement with 18 the explanation’s substance by the members of the general assembly. 19 This bill relates to the regulation of pharmacy benefits 20 managers. The bill provides that pharmacy benefits managers 21 are subject to regulation by the commissioner of insurance 22 pursuant to Code chapter 507B relating to unfair insurance 23 trade practices and Code chapter 510 relating to regulation of 24 third-party administrators, in addition to regulation under 25 Code chapter 510B relating to pharmacy benefits managers. 26 The bill also provides that failure of a pharmacy benefits 27 manager to respond to inquiries from the commissioner in 28 accordance with an investigation to determine compliance under 29 Code chapter 510B shall result in revocation of the pharmacy 30 benefits manager’s required certification as a third-party 31 administrator. 32 -1- LSB 1631YC (2) 86 av/nh 1/ 1