Bond Now Required for Oklahoma Pharmacy Benefit Managers

pharmacy

Effective September 15, 2015, those applying for their pharmacy benefit manager’s license in Oklahoma are now required to post a surety bond with the Commissioner of the Oklahoma Department of Insurance. Due to the increased frequency of lawsuits and government scrutiny against pharmacy benefit managers, the bond is in place to guarantee their performance in accordance with all laws, rules and regulations governing pharmacy benefit managers, set forth by Oklahoma ENR. H. B. No. 2100, on behalf of all parties with whom they conduct business.

The exact amount of the bond is determined by the Commissioner. The bond will remain effective for as long as the license is in good-standing and must be renewed annually, however, the surety may cancel the bond at any time by providing 30 days written notice to the Commissioner.

Obtaining a bond is just one step in the process of becoming a licensed pharmacy benefit manager. A full list of the application requirements may be found in section 365:25-29-5 of the Oklahoma Administrative Code here.

 

 

 

 

About the Author

Jon Gottschalk
Jon Gottschalk is the Senior Marketing Director for Suretybonds.com and regularly blogs at the Surety Bond Insider to keep consumers informed on new legislation and updates in the commercial surety industry. He is also a licensed property & casualty insurance producer in Missouri.