Illinois General Assembly - Full Text of SB1942
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Full Text of SB1942  103rd General Assembly

SB1942 103RD GENERAL ASSEMBLY

  
  

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB1942

 

Introduced 2/9/2023, by Sen. David Koehler

 

SYNOPSIS AS INTRODUCED:
 
215 ILCS 5/513b2

    Amends the Illinois Insurance Code. Makes a technical change in a Section concerning pharmacy benefit managers.


LRB103 29276 BMS 55663 b

 

 

A BILL FOR

 

SB1942LRB103 29276 BMS 55663 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Insurance Code is amended by
5changing Section 513b2 as follows:
 
6    (215 ILCS 5/513b2)
7    Sec. 513b2. Licensure requirements.
8    (a) Beginning on July 1, 2020, to conduct business in this
9State, a pharmacy benefit manager must register with the the
10Director. To initially register or renew a registration, a
11pharmacy benefit manager shall submit:
12        (1) A nonrefundable fee not to exceed $500.
13        (2) A copy of the registrant's corporate charter,
14    articles of incorporation, or other charter document.
15        (3) A completed registration form adopted by the
16    Director containing:
17            (A) The name and address of the registrant.
18            (B) The name, address, and official position of
19        each officer and director of the registrant.
20    (b) The registrant shall report any change in information
21required under this Section to the Director in writing within
2260 days after the change occurs.
23    (c) Upon receipt of a completed registration form, the

 

 

SB1942- 2 -LRB103 29276 BMS 55663 b

1required documents, and the registration fee, the Director
2shall issue a registration certificate. The certificate may be
3in paper or electronic form, and shall clearly indicate the
4expiration date of the registration. Registration certificates
5are nontransferable.
6    (d) A registration certificate is valid for 2 years after
7its date of issue. The Director shall adopt by rule an initial
8registration fee not to exceed $500 and a registration renewal
9fee not to exceed $500, both of which shall be nonrefundable.
10Total fees may not exceed the cost of administering this
11Section.
12    (e) The Department shall adopt any rules necessary to
13implement this Section.
14(Source: P.A. 101-452, eff. 1-1-20.)