(a) This subchapter establishes the standards and criteria for the regulation and licensure of pharmacy benefits managers providing claims processing services or other prescription drug or device services for health benefit plans.
(b) The purpose of this subchapter is to:
(1) Promote, preserve, and protect the public health, safety, and welfare through effective regulation and licensure of pharmacy benefits managers;
(2) Provide for powers and duties of the Insurance Commissioner, the State Insurance Department, and other state agencies and officers; and
(3) Prescribe penalties and fines for violations of this subchapter.