Ohio SB210 regulates pharmacy benefit managers by establishing licensing requirements and new contractual obligations.

Ohio SB210 creates a licensing process for pharmacy benefit managers, requiring them to enter into written agreements with plan sponsors. It mandates that pharmacy benefit managers maintain detailed records and submit annual reports to plan sponsors. The bill also prohibits certain practices, such as using plan sponsor funds for unauthorized purposes and failing to disclose ownership relationships. Effective January 1, 2027, the superintendent of insurance can examine pharmacy benefit manager records and impose penalties for violations.

Ohio SB210 regulates pharmacy benefit managers by establishing licensing requirements and new contractual obligations.

Ohio SB210 creates a licensing process for pharmacy benefit managers, requiring them to enter into written agreements with plan sponsors. It mandates that pharmacy benefit managers maintain detailed records and submit annual reports to plan sponsors. The bill also prohibits certain practices, such as using plan sponsor funds for unauthorized purposes and failing to disclose ownership relationships. Effective January 1, 2027, the superintendent of insurance can examine pharmacy benefit manager records and impose penalties for violations.