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2022 Florida Statutes (including 2022C, 2022D, 2022A, and 2023B)

Title XXXVII INSURANCE
Chapter 624 INSURANCE CODE: ADMINISTRATION AND GENERAL PROVISIONS Entire Chapter
SECTION 490
Registration of pharmacy benefit managers.
F.S. 624.490
624.490 Registration of pharmacy benefit managers.—
(1) As used in this section, the term “pharmacy benefit manager” means a person or entity doing business in this state which contracts to administer prescription drug benefits on behalf of a health insurer or a health maintenance organization to residents of this state.
(2) Effective January 1, 2019, to conduct business in this state, a pharmacy benefit manager must register with the office. To initially register or renew a registration, a pharmacy benefit manager shall submit:
(a) A nonrefundable fee not to exceed $500.
(b) A copy of the registrant’s corporate charter, articles of incorporation, or other charter document.
(c) A completed registration form adopted by the commission containing:
1. The name and address of the registrant.
2. The name, address, and official position of each officer and director of the registrant.
(3) The registrant shall report any change in information required by subsection (2) to the office in writing within 60 days after the change occurs.
(4) Upon receipt of a completed registration form, the required documents, and the registration fee, the office shall issue a registration certificate. The certificate may be in paper or electronic form and shall clearly indicate the expiration date of the registration. Registration certificates are nontransferable.
(5) A registration certificate is valid for 2 years after its date of issue. The commission shall adopt by rule an initial registration fee not to exceed $500 and a registration renewal fee not to exceed $500, both of which shall be nonrefundable. Total fees may not exceed the cost of administering this section.
(6) A person who fails to register with the office while operating as a pharmacy benefit manager is subject to a fine of $10,000 for each violation.
(7) The commission shall adopt rules necessary to implement this section.
History.—s. 3, ch. 2018-91; s. 2, ch. 2022-200.