§ 27-29.1-7 - Regulation of pharmacy benefits managers.
SECTION 27-29.1-7
§ 27-29.1-7 Regulation of pharmacybenefits managers. – Pharmacy benefits managers shall be included within the definition ofthird-party administrator under chapter 20.7 of this title and shall beregulated as such. The annual report filed by third-party administrators withthe department of business regulation shall include: contractual language thatprovides a complete description of the financial arrangements between thethird-party administrator and each of the insurers covering benefit contractsdelivered in Rhode Island; and if the third-party administrator is owned by oraffiliated with another entity or entities, it shall include an organizationchart and brief description which shows the relationships among all affiliateswithin a holding company or otherwise affiliated. Such reporting shall be in aformat required by the director and filed with the department as a publicrecord as defined and regulated under chapter 2 of title 38.