PBMs are required to apply for certification to operate as an organized delivery system with the Commissioner of Banking and Insurance. The organized delivery system may continue to operate during the pendency of its application, but in no case longer than 12 months after the date of submission of the application to the Department of Banking and Insurance, unless the commissioner, by regulation, extends the 12-month limitation. In the event the application is denied, the applicant shall be treated as an organized delivery system whose certification has been revoked.

Link to Existing Law: NJ ST 17:48H-1-48H4

While this law requires certification of PBMs as an organized delivery system, it does not provide much oversight.