{"data":{"id":"us-ky/krs-304.9-053","jurisdiction":"us-ky","citation":"KRS 304.9-053","heading":"Licensure of pharmacy benefit managers.","body":"(1) (a) In order to conduct business in this state, a pharmacy benefit manager shall\nfirst obtain a license from the commissioner. The license shall be in lieu of an\nadministrator's license as required by KRS 304.9-052.\n(b) A licensed pharmacy benefit manager perf orming utilization review, as\ndefined in KRS 304.17A -600, shall be registered as a private review agent in\naccordance with KRS 304.17A-607.\n(2) (a) A person seeking a pharmacy benefit manager license shall apply to the\ncommissioner in writing on a form provided by the department.\n(b) The application shall include:\n1. The name, address, official position, and professional qualifications of\neach individual responsible for the conduct of affairs of the pharmacy\nbenefit manager, including all members of the boa rd of directors, board\nof trustees, executive committee, other governing board or committee,\nthe principal officers in the case of a corporation, the partners or\nmembers in the case of a partnership or association, and any other\nperson who exercises contro l or influence over the affairs of the\npharmacy benefit manager; and\n2. The name and address of the applicant's agent for service of process in\nthis state.\n(3) Each application for a license, and subsequent renewal for a license, shall be\naccompanied by:\n(a) A nonrefundable fee of one thousand dollars ($1,000);\n(b) Evidence of financial responsibility in an amount of one million dollars\n($1,000,000); and\n(c) Any methodologies utilized, or to be utilized, by the pharmacy benefit\nmanager in connection with reimbursement, which shall:\n1. Comply with KRS 304.17A-595(2)(c); and\n2. Be used in determining all appeals under KRS 304.17A-162.\n(4) (a) All licenses issued under this section shall be renewed annually in accordance\nwith KRS 304.9-260.\n(b) If the renewal fee required by subsection (3) of this section is paid after the\nrenewal date, a penalty fee of five hundred dollars ($500) shall be paid.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55762","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:40Z","sha256":"7ec076ac1b147f257b09f1aed951e6cbb15c815177e9c0c2b807488ba6f5fc49","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.9-052","next":"us-ky/krs-304.9-054"},"notice":"GroundRules: Original legal text. Not legal advice."}