103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB1941
 
Introduced 2/9/2023, by Sen. David Koehler
 
SYNOPSIS AS INTRODUCED:
 

 
215 ILCS 5/513b2

     Amends the Illinois Insurance Code. Makes a technical change in a Section concerning pharmacy benefit managers.
  


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A BILL FOR
 

  
SB1941LRB103 29275 BMS 55662 b


  
1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Insurance Code is amended  by 
5changing Section 513b2 as follows:
 
6    (215 ILCS 5/513b2)
7    Sec. 513b2. Licensure requirements.
8    (a) Beginning on July 1, 2020, to conduct business in this 
9State, a pharmacy benefit manager must register with the the 
10Director.  To initially register or renew a registration, a 
11pharmacy benefit manager shall submit: 
12        (1) A nonrefundable fee not to exceed $500. 
13        (2) A copy of the registrant's corporate charter, 
14    articles of incorporation, or other charter document. 
15        (3) A completed registration form adopted by the 
16    Director containing: 
17            (A) The name and address of the registrant. 
18            (B) The name, address, and official position of 
19        each officer and director of the registrant. 
20    (b) The registrant shall report any change in information 
21required under this Section to the Director in writing within 
2260 days after the change occurs. 
23    (c) Upon receipt of a completed registration form, the 
 
 
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1required documents, and the registration fee, the Director 
2shall issue a registration certificate. The certificate may be 
3in paper or electronic form, and shall clearly indicate the 
4expiration date of the registration. Registration certificates 
5are nontransferable. 
6    (d) A registration certificate is valid for 2 years after 
7its date of issue. The Director shall adopt by rule an initial 
8registration fee not to exceed $500 and a registration renewal 
9fee not to exceed $500, both of which shall be nonrefundable. 
10Total fees may not exceed the cost of administering this 
11Section. 
12    (e) The Department  shall adopt any rules necessary to 
13implement this Section. 

14(Source: P.A. 101-452, eff. 1-1-20.)