No person or entity may perform or act as a pharmacy benefits manager in this state without a valid license to operate as a third-party asset of the estate, pay debts, and distribute residue to those entitled to it.

Link to Existing Law: S.D. Codified Laws § 58-29E-2

While this law includes some additional requirements incumbent on PBMs beyond just licensure, such requirements inure mainly to the benefit of plan sponsors, rather than pharmacy providers.