2014 Legislation

This bill regulates certain reimbursement practices of pharmacy benefit managers.

This bill:
defines maximum allowable costs;
requires certain contract provisions between a pharmacy benefit manager and a pharmacy related to the use of maximum allowable cost and appeal rights;
and requires a pharmacy benefit manager to register with the Division of Corporations and Commercial Code within the Department of Commerce.

This bill modifies corporate provisions to enact the Benefit Corporation Act.

This bill:
enacts the Benefit Corporation Act, including:
providing for the application and effect of chapter;
defining terms;
providing for incorporation as a benefit corporation;
providing for election to become a benefit corporation;
allowing for termination of benefit corporation status;
addressing establishment of corporate purposes;
imposing standards of conduct for directors;
providing for a benefit director;
imposing standards of conduct for officers;
providing for a benefit officer;
establishing a right of action;
requiring an annual benefit report;
and addressing availability of an annual benefit report;
and makes technical and conforming changes.