CO| Bulletin No. B-4.151 provides official guidance from the Colorado Division of Insurance on registration, compliance, and enforcement for Pharmacy Benefit Managers (PBMs) operating in Colorado, outlining requirements for initial registration, ongoing reporting, annual license renewal, and the consequences of non-compliance.
Key Points
- Mandatory Registration: All PBMs conducting business for any health plan covering Colorado residents—regardless of their domicile—must register with the Division of Insurance and designate a natural person as the PBM Officer.
- Reporting and Updates: Registered PBMs are required to promptly report organizational changes (such as ownership, officer, policy, or financial details) and submit an annual compliance attestation via the Division’s listed procedures.
- Renewal and Enforcement: Annual renewal of PBM registration requires a $2,500 fee, with timing and compliance strictly enforced; failure to comply may result in license denial, suspension, or cease-and-desist orders.