(b) State-funded payments fair disclosure reporting.

1. (1) The following provisions in this section shall apply to PBMs subject to Acts 2009, No. 769, in the Fair Disclosure of State Funded Payments for Pharmacists' Services Act, codified in Arkansas Code § 4-88-801 et seq., if the PBM is administering pharmacy benefits for a healthcare insurer issuing health insurance benefit plans, as defined under Arkansas Code § 23-61-1003.
2. (2) For purposes of compliance with Arkansas Code § 4-88-803(d), a PBM subject to subdivision (b)(1) of this section shall file a report with the Insurance Commissioner containing a statement indicating whether the PBM charges the health benefit plan a higher amount for pharmacist services than what it provides to the pharmacy or pharmacists providing those services.
3. (3) Pursuant to Arkansas Code § 4-88-803(d)(2), any annual report submitted under that provision or under this section shall be considered proprietary and confidential under Arkansas Code § 23-61-207 and not subject to the Freedom of Information Act of 1967, Arkansas Code § 25-19-101 et seq.

4. (4)

   1. (A) The report required under this section shall be due annually on the date each year in which healthcare insurers are required to file a request for approval of premium rates in the fully insured market.
   2. (B) The report shall provide the pricing and reimbursement information as required under this section for the preceding plan year.

(c) Fairness in cost sharing report, Acts 2021, No. 965.

1. (1) Health insurers and health maintenance organizations in the fully insured market shall file or shall jointly coordinate with their PBM to annually file a report with the commissioner as required by Acts 2021, No. 965, the Arkansas Fairness in Cost Sharing Act, codified at Arkansas Code § 23-79-2301 et seq.
2. (2) The annual report shall describe “plan-specific information related to savings and accountability to document how enrollees are realizing a cost savings under each plan” and shall be due January 1 of each calendar year.
3. (3) The report shall be filed in any format required by the commissioner, but in the absence of such requirement, shall be filed in a narrative form.

(d) Arkansas Pharmacy Benefits Manager Share the Savings Act, Acts 2023, No. 333.

1. (1) A PBM shall submit a certification to the commissioner by January 1 of each calendar year certifying that the PBM has complied with the requirements of Acts 2023, No. 333, the Arkansas Pharmacy Benefits Manager Share the Savings Act, codified at Arkansas Code § 23-92-704 et seq., during the previous calendar year.
2. (2) The certification shall be signed by the chief executive officer or chief financial officer of the PBM and shall be in a format approved or established by the commissioner.
3. (3) The certification shall include the PBM's best estimate of the aggregate amount of rebates used to reduce enrollee-defined cost sharing for prescription drugs in the previous calendar year based on information known to the PBM as of the date of the certification.