The Department of Insurance has published rules regulating Pharmacy Benefit Managers were published this week. The reason for this proposed action is to implement statutes for the licensure of pharmacy benefits managers (PBMs) and directed the Department to adopt rules for licensure (see G.S. 5856A-2). Entities to be licensed as PBMs have previously been licensed or registered as third-party administrators (TPAs). Borrowing from the licensure requirements for TPAs, the proposed rules further set out the requirements for licensure as a PBM. Additionally, where G.S. 58-56A-2 gives the Commissioner the authority to charge an initial application fee of $2,000 and a renewal application fee of $1,500, those fees will be established by the proposed rule 11 NCAC 24 .0102. The date of the public hearing will be April 1, 2025, at 10:00 a.m., NC Department of Insurance, Hearing Room 211, 3200 Beechleaf Ct., Raleigh, NC 27604.
For more information, contact NACDS’ Leigh Knotts at 803-243-7207.