Ohio HB229 establishes a licensing process and new contractual requirements for pharmacy benefit managers.

Ohio HB229 creates a licensing process for pharmacy benefit managers, requiring them to enter into written agreements with plan sponsors. Effective January 1, 2027, pharmacy benefit managers must maintain detailed books and records, disclose ownership relationships, and avoid using plan sponsor funds for unauthorized purposes. The superintendent of insurance can examine books and records, suspend or revoke licenses for violations, and impose fines. The bill also outlines record-keeping, reporting, and financial transparency requirements for pharmacy benefit managers.

Ohio HB229 establishes a licensing process and new contractual requirements for pharmacy benefit managers.

Ohio HB229 creates a licensing process for pharmacy benefit managers, requiring them to enter into written agreements with plan sponsors. Effective January 1, 2027, pharmacy benefit managers must maintain detailed books and records, disclose ownership relationships, and avoid using plan sponsor funds for unauthorized purposes. The superintendent of insurance can examine books and records, suspend or revoke licenses for violations, and impose fines. The bill also outlines record-keeping, reporting, and financial transparency requirements for pharmacy benefit managers.