FISCAL NOTE

Senate Bill 227 as passed the Senate would increase the administrative obligations of the Department of Insurance by an undetermined amount by providing further for the regulation of pharmacy benefit managers (PBMs) operating in the state, including requiring the Commissioner of Insurance to adopt additional rules for the licensure of PBMs and the establishment of a fee schedule for application and license renewal fees, which could be more or less than the current $500 license and biennial renewal fees. This bill further authorizes the Commissioner of Insurance to audit PBMs, at their expense as provided by current law, to determine compliance with the provisions of the bill.