Insurer shall pay for services rendered within 45 days upon receipt of a clean written claim or 30 days upon receipt of a clean electronic claim. If claim is denied, insurer must provide a reason for denying the claim and what, if any, additional information is required within 30 days. If the insurer does not pay on a clean claim within 61 days interest shall accrue at 12% per annum.

Link to Existing Law: Rule and Regulations 43 section 12

While PBMs are not specifically mentioned, they are likely included in the broad definition of applicable entities.