Vermont § 3611 - Licensure

§ 3611. Licensure

• (a) A person shall not establish or operate as a pharmacy benefit manager for health benefit
  plans in this State without first obtaining a license from the Commissioner of Financial
  Regulation. (b) A person applying for a pharmacy benefit manager license shall submit an application
  for licensure in the form and manner prescribed by the Commissioner and shall include
  with the application a nonrefundable application fee of $1,600.00 and an initial licensure
  fee of $10,000.00. (c) The Commissioner may refuse to issue or renew a pharmacy benefit manager license if
  the Commissioner determines that the applicant or any individual responsible for the
  conduct of the applicant’s affairs is not competent, trustworthy, financially responsible,
  or of good personal and business reputation, or has been found to have violated the
  insurance laws of this State or any other jurisdiction, or has had an insurance or
  other certificate of authority or license denied or revoked for cause by any jurisdiction. (d) Unless surrendered, suspended, or revoked by the Commissioner, a license issued under
  this section shall remain valid, provided the pharmacy benefit manager does all of
  the following: (1) Continues to do business in this State. (2) Complies with the provisions of this chapter and any applicable rules. (3) Submits a renewal application in the form and manner prescribed by the Commissioner
  and pays the annual license renewal fee of $12,000.00. The renewal application and
  renewal fee shall be due to the Commissioner on or before 90 days prior to the anniversary
  of the effective date of the pharmacy benefit manager’s initial or most recent license. (e) The Commissioner shall adopt rules pursuant to 3 V.S.A. chapter 25 to establish the
  licensing application, financial, and reporting requirements for pharmacy benefit
  managers in accordance with this section. (Added 2023, No. 127 (Adj. Sess.), § 1, eff. July 1, 2024.)