Insurer shall pay for services rendered within 45 days upon receipt of a written claim or 30 days upon receipt of a electronic claim. If claim is denied, insurer must provide a reason for denying the claim and what, if any, additional information is required within the time necessary to pay a claim. If a clean claim is not paid, interest shall accrue at a rate of 1% per month.

Link to Existing Law: 2012 Article 24 Title 40 Section 2442

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