Code of Alabama - Title 27: Insurance - Section 27-45A-4 - Licensure of pharmacy benefits managers

Section 27-45A-4 - Licensure of pharmacy benefits managers.

(a) (1) Effective January 1, 2020, to conduct business in this state, a pharmacy benefits manager must be licensed by the commissioner. To initially obtain a license or renew a license, a pharmacy benefits manager shall submit all of the following:

a. A nonrefundable fee not to exceed $500.

b. A copy of the licensee’s corporate charter, articles of incorporation, or other charter document.

c. A completed licensure form adopted by the commissioner containing:

1. The name and address of the licensee.

2. The name, address, and official position of an employee who will serve as the primary contact for the Department of Insurance.

3. Any additional contact information deemed appropriate by the commissioner or reasonably necessary to verify the information contained in the application.

(2) The licensee shall inform the commissioner by any means acceptable to the commissioner of any change in the information required by this subsection within 30 days of the change. Failure to timely inform the commissioner of a change shall result in a penalty against the licensee in the amount of fifty dollars ($50).

(3) Upon receipt of a completed licensure form and the licensure fee, the commissioner shall issue a license. The license may be in paper or electronic form and shall clearly indicate the expiration date of the licensure. Licenses are nontransferable. Notwithstanding any provision of law to the contrary, the licensure form and license shall be public records.

(4) The license shall be initially renewed in accordance with a schedule prescribed by the commissioner and shall thereafter be subject to renewal on a biennial basis. The commissioner shall adopt by rule an initial licensure fee not to exceed five hundred dollars ($500) and a renewal fee not to exceed five hundred dollars ($500), both of which shall be nonrefundable.

(5) All documents, materials, or other information, and copies thereof, in the possession or control of the department that are obtained by or disclosed to the commissioner or any other person in the course of an application, examination, or investigation made pursuant to this chapter shall be confidential by law and privileged, shall not be subject to any open records, freedom of information, sunshine, or other public record disclosure laws, and shall not be subject to subpoena or discovery. This subdivision only applies to disclosure of confidential documents by the department and does not create any privilege in favor of any other party.

(Act 2019-457, §4.)

Last modified: May 3, 2021