(b) To qualify for issuance or renewal of a registration, an applicant or registrant

1. (1) must be a trustworthy person in accordance with AS 21.27.020(b)(4);
2. (2) may not have committed an act that is a cause for denial, nonrenewal, suspension, or revocation of a registration or license in this state, another state, or another jurisdiction;

3. (3) must disclose to the director

   1. (A) information in accordance with AS 21.27.040(a) for each owner, officer, director, or partner, including identity, professional history, professional experience, and a curriculum vitae or resume;
   2. (B) each administrative action taken against an owner, officer, director, or partner by a governmental agency of the state or of another state or jurisdiction, or by a financial industry regulatory authority sanction or arbitration proceeding, if applicable;

   3. (C) a criminal prosecution of an owner, officer, director, or partner in this state or another state or jurisdiction, including

      1. (i) the criminal complaint;
      2. (ii) the calendaring order; and
      3. (iii) other relevant legal documents; and

4. (4) must submit the following with an application as set out in (a) of this section:

   1. (A) the application fee required under 3 AAC 31.020(a);
   2. (B) all basic organizational documents of the pharmacy benefits manager, including articles of incorporation, articles of association, partnership agreement, trade name certificate, trust agreement, shareholder agreement, and other applicable documents and all endorsements to the required documents;
   3. (C) the name and address of the pharmacy benefits manager agent for service of process in this state;
   4. (D) the bylaws, rules, regulations, or similar documents regulating the internal affairs of the pharmacy benefits manager;

   5. (E) the names, electronic mailing addresses, physical addresses, official positions, and curricula vitae or resumes of persons who are responsible for the conduct of affairs of the pharmacy benefits manager, including each

      1. (i) member of the board of directors;
      2. (ii) member of the board of trustees;
      3. (iii) member of the executive committee or other governing board or committee;
      4. (iv) principal officer in the case of a corporation;
      5. (v) partner or member in the case of a partnership, limited liability company, limited liability partnership, or association;
      6. (vi) shareholder that holds directly or indirectly 10 percent or more of the voting securities of the pharmacy benefits manager; or
      7. (vii) other person who exercises control or influence over the affairs of the pharmacy benefits manager;

   6. (F) certified financial statements for the preceding two years, or for each year and partial year that the applicant has been in business if less than two years; the certified financial statements must

      1. (i) be prepared by an independent certified public accountant;
      2. (ii) establish that the applicant is solvent;
      3. (iii) establish that the applicant's system of accounting, internal control, and procedure is operating effectively to provide reasonable assurance that money is promptly accounted for and paid to the person entitled to the money; and
      4. (iv) provide any other information that the director may require to review the current financial condition of the applicant; and

   7. (G) written notification from a pharmacy benefits manager or applicant to the director not later than 30 days after

      1. (i) a change in the information contained within the pharmacy benefits manager or applicant's registration, place of business, electronic mailing address, physical mailing address, or telephone number;
      2. (ii) the final disposition of an administrative action taken against the registrant or an owner, officer, director, or partner of the registrant by a governmental agency of this state or of another state, by a governmental agency of another jurisdiction, or by a financial industry regulatory authority sanction or arbitration proceeding; in addition, a registrant shall submit to the director documents relating to the final disposition on the action, including the final order and other relevant legal documents; or
      3. (iii) the conviction of a misdemeanor or felony of the pharmacy benefits manager, or any of its officers, directors, partners, or owners.