Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.9-053.Licensure of pharmacy benefit managers

(1)(a) In order to conduct business in this state, a pharmacy benefit manager shall first obtain a license from the commissioner. The license shall be in lieu of an administrator's license as required by KRS 304.9-052.

(b) A licensed pharmacy benefit manager performing utilization review, as defined in KRS 304.17A-600, shall be registered as a private review agent in accordance with KRS 304.17A-607.

(2)(a) A person seeking a pharmacy benefit manager license shall apply to the commissioner in writing on a form provided by the department.

(b) The application shall include:

(a) A nonrefundable fee of one thousand dollars ($1,000);

(b) Evidence of financial responsibility in an amount of one million dollars ($1,000,000); and

(c) Any methodologies utilized, or to be utilized, by the pharmacy benefit manager in connection with reimbursement, which shall:

(4)(a) All licenses issued under this section shall be renewed annually in accordance with KRS 304.9-260.

(b) If the renewal fee required by subsection (3) of this section is paid after the renewal date, a penalty fee of five hundred dollars ($500) shall be paid.