Louisiana § RS 22:1870.1 - Enforcement; Pharmacy Benefit Manager Enforcement Fund; creation

§ RS 22:1870.1. Enforcement; Pharmacy Benefit Manager Enforcement Fund; creation

            A. The commissioner shall enforce the provisions of this Section with all of the powers and authority vested in him pursuant to this Title.

            B. Any act or combination of acts prohibited by this Section shall be considered an unfair method of competition and unfair practice or act in accordance with the Unfair Trade Practices and Consumer Protection Law, R.S. 51:1401 et seq.

            C.(1) The attorney general shall have independent authority to investigate, enforce, and contract with outside counsel for purposes of enforcing violations of this Section. Upon a finding that a pharmacy benefit manager has violated any provision of this Section, the attorney general may seek restitution to the state and treble damages under civil action, and shall be entitled to an award of attorney fees.

            (2)(a) The Pharmacy Benefit Manager Enforcement Fund, hereafter referred to as the "fund", is created in the state treasury as a special fund. Any monies collected pursuant to a violation of this Section or violation of any provision of law regulating the practice of pharmacy benefit managers shall be deposited into the fund. The monies in the fund shall be invested by the state treasurer in the same manner as monies in the state general fund and interest earned on the investment of monies in the fund shall be credited to the fund.

            (b) After compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, and prior to monies being placed in the state general fund, all monies received by the state pursuant to a civil award granted or settlement under the provisions of this Section shall be deposited into the fund and used for the following purposes:

            (i) Subject to legislative appropriation, monies in the fund shall be used first to fund the commissioner of insurance and attorney general's expenditures necessary to carry out the provisions of this Section.

            (ii) At the conclusion of each fiscal year, any unexpended monies shall be returned to the policyholders in accordance with a program designed by the attorney general and commissioner.

            Acts 2025, No. 474, §1, eff. June 20, 2025.