Terms Used In Arizona Laws > Title 20 > Chapter 25 - Pharmacy Benefits

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Auditing entity: means any person, company, group or plan working on behalf of or pursuant to a contract with an insurer or pharmacy benefits manager for the purposes of auditing pharmacy drug claims adjudicated by pharmacies. See Arizona Laws 20-3321
• Authorized delegate: means a person that a licensee designates to engage in money transmission on behalf of the licensee. See Arizona Laws 6-1201
• Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
• Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
• Clerical errors: means a minor recordkeeping or transcribing error, including typographical errors, scrivner's errors or computer errors, in a required electronic or hard copy document, record or prescription order if both of the following criteria are met:

  (a) The error did not result in actual financial harm to an entity. See Arizona Laws 20-3321

• Closed loop stored value: means stored value that is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value. See Arizona Laws 6-1201
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Control: means :

  (a) The power to vote, directly or indirectly, at least twenty-five percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. See Arizona Laws 6-1201

• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
• Desktop audit: means an audit that is conducted by an auditing entity at a location other than the location of the pharmacist or pharmacy. See Arizona Laws 20-3321
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Eligible rating: means a credit rating of any of the three highest rating categories provided by an eligible rating service and each category may include rating category modifiers such as "plus" or "minus" for Standard and Poor's or the equivalent for any other eligible rating service. See Arizona Laws 6-1201
• Eligible rating service: means any nationally recognized statistical rating organization as defined by the United States securities and exchange commission and any other organization designated by the director. See Arizona Laws 6-1201
• Financial institution: means a bank, trust company, savings and loan association, international banking facility and holding company of a bank, trust company, savings and loan association and international banking facility under the jurisdiction of the department. See Arizona Laws 6-1101
• Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
• Financial institution holding company: means a corporation, trust, association, partnership or similar organization that directly or indirectly, acting through one or more persons, controls a financial institution or a controlling person. See Arizona Laws 6-1101
• In-pharmacy audit: means an audit that is conducted by an auditing entity at the physical business address of the pharmacy where the claim was adjudicated. See Arizona Laws 20-3321
• Individual: means a natural person. See Arizona Laws 6-1201
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurer: means a disability insurer, group disability insurer, blanket disability insurer, health care services organization, hospital service corporation, medical service corporation or hospital and medical service corporation. See Arizona Laws 20-3321
• Licensee: means a person licensed under this article. See Arizona Laws 6-1201
• List: means the list of drugs for which a pharmacy benefit manager has established a maximum allowable cost. See Arizona Laws 20-3321
• Minor: means a person under eighteen years of age. See Arizona Laws 1-215
• Monetary value: means a medium of exchange, whether or not redeemable in money. See Arizona Laws 6-1201
• money received for transmission: means receiving money or monetary value in the United States for transmission within or outside the United States by electronic or other means. See Arizona Laws 6-1201
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Outstanding money transmission obligation: means either of the following:

  (a) Any payment instrument or stored value issued or sold by the licensee to a person located in the United States or reported as sold by an authorized delegate of the licensee to a person that is located in the United States that has not yet been paid or refunded by or for the licensee or escheated in accordance with applicable abandoned property laws. See Arizona Laws 6-1201

• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation or other corporate entity identified by the director. See Arizona Laws 6-1201
• Pharmacy benefit manager: means a person, business or other entity that, pursuant to a contract or under an employment relationship with an insurer or other third-party payor, either directly or through an intermediary manages the prescription drug coverage provided by the insurer or other third-party payor, including the processing and payment of claims for prescription drugs, the performance of drug utilization review, the processing of drug prior authorization requests, the adjudication of appeals or grievances related to prescription drug coverage, contracting with network pharmacies and controlling the cost of covered prescription drugs. See Arizona Laws 20-3321
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Third party: means a health insurer or pharmacy benefit manager that provides or manages drug coverage under a health care plan. See Arizona Laws 20-3341
• Trustee: A person or institution holding and administering property in trust.