Amends TCA Title 4 and Title 56.

ON MARCH 21, 2022, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 2660, AS AMENDED. AMENDMENT #1 rewrites this bill to require the commissioner of commerce and insurance to promulgate rules to effectuate the purposes of the present law provisions governing pharmacy benefits managers and pharmacy benefits (title 56, chapter 7, parts 31 and 32), including, but not limited to, rules to: (A) Implement pharmacy benefits manager audits that are necessary to ensure compliance with title 56, chapter 7, parts 31 and 32; (B) Provide for additional requirements for pharmacy benefits managers to obtain licensure pursuant to present law; (C) Implement a complaint and administrative hearing process to effectuate the sanction provisions of present law in regard to pharmacy benefits managers; and (D) Provide for such fees as the commissioner determines are reasonably necessary to administer title 56, chapter 7, parts 31 and 32, including, but not limited to, a fee to cover the cost of supervising compliance with those parts, payable by a pharmacy benefits manager upon being the subject of an audit pursuant to this amendment. ON APRIL 13, 2022, THE SENATE SUBSTITUTED HOUSE BILL 2660 FOR SENATE BILL 2457, ADOPTED AMENDMENT #4, AND PASSED HOUSE BILL 2660, AS AMENDED. AMENDMENT #4 specifies that audits must not occur more than once every three years unless the commissioner determines there is a need to investigate the financial condition of or legality of conduct by a pharmacy benefits manager.