1. (a) The commissioner shall do the following:

   1. (1) Prescribe an application for use in applying for a license to operate as a pharmacy benefit manager.

   2. (2) Adopt rules under IC 4-22-2 to establish the following:

      1. (A) Pharmacy benefit manager licensing requirements.
      2. (B) Licensing fees.
      3. (C) A license application.
      4. (D) Financial standards for pharmacy benefit managers.
      5. (E) Reporting requirements described in sections 21 and 29 of this chapter.
      6. (F) The time frame for the resolution of an appeal under section 22 of this chapter.

2. (b) The commissioner may do the following:

   1. (1) Charge a license application fee and renewal fees established under subsection (a)(2) in an amount not to exceed five hundred dollars ($500) to be deposited in the department of insurance fund established by IC 27-1-3-28 .
   2. (2) Examine or audit the books and records of a pharmacy benefit manager one (1) time per year to determine if the pharmacy benefit manager is in compliance with this chapter.

   3. (3) Adopt rules under IC 4-22-2 to:

      1. (A) implement this chapter; and

      2. (B) specify requirements for the following:

         1. (i) Prohibited market conduct practices.
         2. (ii) Data reporting in connection with violations of state law.
         3. (iii) Maximum allowable cost list compliance and enforcement requirements, including the requirements of sections 22 and 23 of this chapter.
         4. (iv) Prohibitions and limits on pharmacy benefit manager practices that require licensure under IC 25-22.5 .
         5. (v) Pharmacy benefit manager affiliate information sharing.
         6. (vi) Lists of health plans administered by a pharmacy benefit manager in Indiana.
         7. (vii) Pharmacy benefit management services included under section 11.5(4) of this chapter.
3. (c) Financial information and proprietary information submitted by a pharmacy benefit manager to the department is confidential.

As added by P.L.68-2020, SEC.1. Amended by P.L.158-2024, SEC.8; P.L.237-2025, SEC.7.