N.Y. Insurance Law § 2903: Registration requirements for pharmacy benefit managers

§ 2903. Registration requirements for pharmacy benefit managers. (a)

Every pharmacy benefit manager that performs pharmacy benefit management

services on or after June first, two thousand twenty-two and prior to

January first, two thousand twenty-four shall register with the

superintendent in a manner acceptable to the superintendent, and shall

pay a fee of four thousand dollars for each year or fraction of a year

in which the registration shall be valid. The superintendent, in

consultation with the commissioner of health, may establish, by

regulation, minimum registration standards required for a pharmacy

benefit manager. The superintendent can reject a registration

application filed by a pharmacy benefit manager that fails to comply

with the minimum registration standards.

(b) For each business entity, the officer or officers and director or

directors named in the application shall be designated responsible for

the business entity's compliance with the financial services and

insurance laws, rules and regulations of this state.

(c) Every registration will expire on December thirty-first, two

thousand twenty-three regardless of when registration was first made.

(d) Every pharmacy benefit manager that performs pharmacy benefit

management services at any time prior to June first, two thousand

twenty-two, shall make the registration and fee payment required by

subsection (a) of this section on or before June first, two thousand

twenty-two. Any other pharmacy benefit manager shall make the

registration and fee payment required by subsection (a) of this section

prior to performing pharmacy benefit management services.

(e) Registrants under this section shall be subject to examination by

the superintendent as often as the superintendent may deem it necessary.

The superintendent may promulgate regulations establishing methods and

procedures for facilitating and verifying compliance with the

requirements of this article and such other regulations as necessary to

enforce the provisions of this article.