PHARMACY BENEFITS MANAGER Senate SponsorsSen. Dale A. Righter 1/9/2007SenateSession Sine Die 215 ILCS 5/Art. XXXI.5 heading215 ILCS 5/512-1from Ch. 73, par. 1065.59-1215 ILCS 5/512-2from Ch. 73, par. 1065.59-2215 ILCS 5/512-3from Ch. 73, par. 1065.59-3215 ILCS 5/512-4from Ch. 73, par. 1065.59-4215 ILCS 5/512-5from Ch. 73, par. 1065.59-5215 ILCS 5/512-6from Ch. 73, par. 1065.59-6215 ILCS 5/512-7from Ch. 73, par. 1065.59-7215 ILCS 5/512-8from Ch. 73, par. 1065.59-8215 ILCS 5/512-9from Ch. 73, par. 1065.59-9215 ILCS 5/512-10from Ch. 73, par. 1065.59-10215 ILCS 5/512-11 new215 ILCS 5/512-12 newAmends the Third Party Prescription Programs Article of the Insurance Code to change the name of the Article to the Pharmaceutical Benefits Management Programs Law. Changes references from third party prescription programs to pharmaceutical benefits management programs and from third party program administrator to pharmaceutical benefits manager or PBM throughout the Article. Provides for the registration of all pharmaceutical benefits management programs and pharmaceutical benefits managers (PBMs) doing business in the State with the Director of the Division of Insurance of the Department of Financial and Professional Regulation. Makes changes concerning fiduciary and bonding, notice, and contractual requirements, cancellation procedures, denial of payment, and failure to register. Sets forth provisions concerning failure to comply. Grants rulemaking authority to the Director of the Division of Insurance. Effective immediately. 1/20/2006SenateFiled with Secretary by Sen. Dale A. Righter 1/20/2006SenateFirst Reading 1/20/2006SenateReferred to Rules 1/9/2007SenateSession Sine Die