(a) This chapter establishes the standards and criteria for the regulation and licensure of pharmacy benefits managers providing claims processing services or other prescription drug or device services for health benefit plans.

(b) The purpose of this chapter is to:

(1) Promote, preserve, and protect the public health, safety, and welfare through effective regulation and licensure of pharmacy benefits managers.

(2) Provide for powers and duties of the commissioner and department.

(3) Prescribe penalties and fines for violations of this chapter.

(Act 2019-457, §2.)