A. The Insurance Commissioner shall have power and authority to examine and investigate the affairs of every pharmacy benefits manager (PBM) engaged in pharmacy benefits management in this state in order to determine whether such entity is in compliance with the Patient's Right to Pharmacy Choice Act.
B. All PBM files and records shall be subject to examination by the Insurance Commissioner or by duly appointed designees. The Insurance Commissioner, authorized employees and examiners shall have access to any of a PBM's files and records that may relate to a particular complaint under investigation or to an inquiry or examination by the Insurance Department.
C. Every officer, director, employee or agent of the PBM, upon receipt of any inquiry from the Commissioner shall, within twenty (20) days from the date the inquiry is sent, furnish the Commissioner with an adequate response to the inquiry.
D. When making an examination under this section, the Insurance Commissioner may retain subject matter experts, attorneys, appraisers, independent actuaries, independent certified public accountants or an accounting firm or individual holding a permit to practice public accounting, certified financial examiners or other professionals and specialists as examiners, the cost of which shall be borne by the PBM that is the subject of the examination.
Added by Laws 2019, c. 426, § 8, eff. Nov. 1, 2019. Amended by Laws 2021, c. 472, § 9, emerg. eff. May 11, 2021.