(a) A person may not conduct business in the state as a pharmacy benefits manager unless the person is registered with the director. (b) A pharmacy benefits manager registered under this section may (1) contract with an insurer to administer or manage pharmacy benefits provided by an insurer for a covered person, including claims processing services for and audits of payments for prescription drugs and medical devices and supplies; and (2) contract with network pharmacies. (c) A pharmacy benefits manager (1) shall apply for registration following the same procedures for licensure set out in AS 21.27.040; (2) is subject to hearings and orders on violations; denial, nonrenewal, suspension, or revocation of registration; penalties; and surrender of registration under the procedures set out in AS 21.27.405 - 21.27.460. (d) Each day that a pharmacy benefits manager conducts business in the state as a pharmacy benefits manager without being registered is a separate violation of this section, and each separate violation is subject to the maximum civil penalty under AS 21.97.020.
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