New York Department of Financial Services Adopted Rules related to PBMs
On August 31, 2022, the New York Department of Financial Services adopted two rules related to pharmacy benefit management.
Rule #1: Citation DFS-23-22-00004; Part 451 to Title 11 NYCRR, Registration of Pharmacy Benefit Managers and Pharmacy Benefits Bureau.
Summary: This rule mandates that a pharmacy benefit management company apply, register, and pay fees to conduct business in the State of New York. It further outlines the specifications related to electronic annual reporting pursuant to Insurance Law section 2904, in a manner outlined by the superintendent..
Links
Rule #2: Citation DFS-23-22-00004; Part 451 to Title 11 NYCRR, Pharmacy Benefits Bureau
Summary: The Department adopted this rule to establish the Pharmacy Benefits Bureau and revise the rules for the Drug Accountability Board. This rule made the following changes:
Name Change - from "Office of Pharmacy Benefits" to "Pharmacy Benefits Bureau" throughout the regulation and specifies that the bureau is responsible for the regulation of pharmacy benefit managers.
Term Change – from "Board" to "Drug Accountability Board" throughout the regulation.
Links
Prodigy Care Services is a registered pharmacy benefit management company in NY. We are committed to working with our clients to ensure that all aspects of their pharmacy programs are in compliance with NYDFS rules.
Disclaimer:
The regulatory/compliance information provided in this article are done so through a third party. Prodigy Care Services does not warrant the thoroughness or accuracy of the information herein. The purpose of inclusion into this document is to inform the reader of a reported change and potential implications. It is not intended to be used for legal or regulatory advice or actions. If upon your independent review of the legislation/regulation you require advice for your specific concerns, you should consult a licensed attorney in the affected jurisdiction.