Starting January 1, 2019, PBMs must register with the Office of Insurance Regulation (OIR). The definition of PBM is very broad capturing any “person or entity doing business in this state which contracts to administer prescription drug benefits on behalf of a health insurer or a health maintenance organization to residents of this state.” PBMs must register every two years. Licensure requirements such as this one allows the state to establish minimum quality standards by which a PBM must adhere.

Link to Existing Law: F.S.A. 624.490

While this law requires registration of PBMs, it does not place substantive rules or operational requirements on them. This is the first year where a comprehensive bill including registration has passed. It may take a year to see whether the OIR takes any enforcement actions on PBMs.