HB1954: Pharmacy benefits managers; regulation thereof.

Chief Patron

Del. Harvey Morgan (R-98)

Harvey Morgan (R-98)
Gloucester, VA
Served: 1980–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

Bill is Dead

View Entire History

Summary

Pharmacy benefits managers.  Establishes requirements for the regulation of pharmacy benefits managers within the Commonwealth. The measure provides that a pharmacy benefits manager owes a fiduciary duty to an entity providing health coverage, and requires a pharmacy benefits manager to perform its duties with care, skill, prudence, and diligence and in accordance with the standards of conduct applicable to a fiduciary in an enterprise of a like character and with like aims. In addition, it establishes requirements for prompt payment of claims and disclosures and other contractual provisions in agreements between pharmacy benefits managers and pharmacy providers.