End of Session Summary for Tennessee

What Passed?

PBM Licensing Through TN Dept of Commerce and Insurance (SB 1852/HB 1857)

Effective Date: January 1, 2019

Senate Sponsor(s): Haile, Crowe, Bell, Yager, Jackson, Reeves

House Sponsor(s): Powers, Matlock, Keisling, Weaver, Calfee, Terry

Summary:

  • Requires all pharmacy benefits managers (PBMs) to obtain licensure and renew biennially through the Tennessee Department of Commerce and Insurance (TDCI)
  • Requires PBMs to demonstrate that they are able to transact in this state, are financially responsible, and have not had a prior license denied or revoked within five (5) years of the date the license is sought.
  • Requires PBMs to provide TDCI with the person or entity‚Äôs name, address, telephone number, and website address.
  • Requires PBMs to notify TDCI within 60 days of any change in PBM information.