IN| The Indiana Department of Insurance issued Bulletin 278 to inform insurers, third party administrators (TPAs), and pharmacy benefit managers (PBMs) operating in Indiana of new ownership reporting requirements under Public Law 239-2025, effective July 1, 2025. Each year, these entities must submit detailed reports identifying any person or entity with at least a 5% ownership, controlling interest, or private equity partnership, including their business address, website, relevant identification numbers, and ownership stake, while explicitly excluding Social Security numbers. The Department may impose a $1,000 daily fine for late reports and take disciplinary action for repeat violations, with a grace period for 2025 as the submission process is finalized; a second bulletin will clarify reporting procedures.
Key points:
- New annual reporting requirements for insurers, TPAs, and PBMs on ownership interests of 5% or more, effective July 1, 2025.
- Reports must include detailed owner information (address, website, ID numbers, ownership stake) but exclude Social Security numbers.
- Non-compliance may result in $1,000 daily fines and disciplinary action, with a grace period for 2025 as reporting procedures are established.