AK| Alaska Bulletin B25-09 (Reissued) explains how SB132, effective January 1, 2026, updates licensing and regulatory requirements for PBMs, TPAs, independent adjusters, firm licensing, and alias name usage under Title 21.
Key Points:
Pharmacy Benefits Managers (PBMs)
- PBMs are licensed and are fully subject to the Division’s licensing, renewal, and enforcement authority.
- Each PBM must designate a Compliance Officer
- The PBM renewal fee provision is repealed; the application fee is $20,000
- PBMs must be licensed in Alaska regardless of ownership, with an updated definition covering entities that contract with pharmacies to process claims, pay pharmacies, or manage pharmacy networks
- PBMs may be examined under the insurer examination authority including multi-state exams with the NAIC
- The Division has full authority and PBMs must pay examination costs
Third‑Party Administrators (TPAs)
- TPAs are licensed and further regulated, with standard application, renewal, and enforcement provisions
- TPAs must designate a Compliance Officer/DRLP who is individually licensed, but exempt from examination
- The TPA application fee is $2,000
- TPAs may be examined, including multi-state NAIC participation
- TPAs are fully subject to the Division’s exam authority and must pay their examination costs
Exempt TPAs
- SB132 removes prior licensing exemptions; TPAs for foreign insurers with a resident state license are no longer exempt, and managers of admitted insurers must now be licensed
- Remaining exemptions are described in the Division’s Third‑Party Administrator Exemption Filing Form
- Exempt TPAs must file an annual certification by February 1 each year confirming they meet exemption criteria
TPA Filing Requirements
- Licensed TPAs must file quarterly reports due January 1, April 1, July 1, and October 1 each year
- Exempt TPAs must submit an annual filing/certification to the Division on or before February 1 each year
Independent Adjusters & Designated Home State
Independent Adjusters
- SB132 authorizes reciprocal nonresident independent adjuster licensing, aligning with home state treatment
- “Home state” is redefined to mean the adjuster’s principal residence or business state where licensed, or another licensed state if the residence/business state does not license independent adjusters
- “Independent adjuster” is redefined as a person who investigates, negotiates, or settles property, casualty, or workers’ compensation claims for insurers or self‑insurers
Designated Home State Authority
- Nonresident independent adjusters from states that do not license independent adjusters may obtain an Alaska “Designated Home State” license if they qualify and apply
- Alaska may reciprocate Designated Home State licenses; applicants may designate any state where they hold an independent adjuster license in good standing if their residence/business state does not license adjusters
- SB132 removes the distinction between independent adjusters and portable electronics adjusters, and qualifying nonresidents in good standing are exempt from exam requirements for Alaska licensure
National Uniformity & Firm Licensing
- SB132 changes the “Health” line of authority name to “Accident, Health and Sickness” in to align with the Producer Licensing Model Act and clarifies what coverage this line includes
- Firms may now designate one Compliance Officer per line of authority and “compliance officer” is defined as the licensee responsible for a firm’s compliance for that specific line
- The Division will no longer require a physically accessible resident-state business location for licensees and will no longer be required to maintain a continuing education advisory committee
Alias Names Guidance (SBS)
- The Division clarifies use of the “Alias Names” record in SBS for fictitious names on license
- “Alias” indicates an individual licensee is also known by another name; “Doing Business As/Trade Name” is for a business entity’s alternative operating name that is not a separate legal entity or FEIN
- “Formerly Known As” indicates a prior name used by an individual licensee that is different from the name currently listed on the license