In lieu of a traditional Prompt Pay regulation, this state has established standards of reasonable business practices in the area of insurance payments. Generally, an insurer must act reasonably promptly upon receipt of a claim and provide a reasonable explanation of the basis in the insurance policy for denial of a claim or for partial payment, among other obligations.

Link to Existing Law: Title 33 Chapter 18 section 33-18-201

While PBMs are not specifically mentioned, the regulation has such general applicability that it will likely apply to PBMs.