Effective January 1, 2021, a person or organization may not establish or operate as a PBM in this State for health benefit plans without obtaining a license from the Director of the Department of Insurance. The director shall prescribe the application for a license to operate in this State as a PBM and may charge an initial application fee of $1,000 and an annual renewal fee of $500.

Link to Existing Law: SC ST § 38-71-2210

While this law requires registration of PBMs, it does not provide oversight. It may provide some opportunity for lobbying regulators to implement favorable regulations aimed at controlling PBM conduct.