(a) A person may not conduct business in the state as a pharmacy benefits manager unless the person is registered with the director as a third-party administrator under AS 21.27.630.
(b) A pharmacy benefits manager registered under AS 21.27.630 may
(1) contract with an insurer to administer or manage pharmacy benefits provided by an insurer for a covered person, including claims processing services for and audits of payments for prescription drugs and medical devices and supplies;
(2) contract with network pharmacies;
(3) set the cost of multi-source generic drugs under AS 21.27.945; and
(4) adjudicate appeals related to multi-source generic drug reimbursement.