New York § 2903 - 2903Registration requirements for pharmacy benefit managers

§ 2903. 2903Registration 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.