MN| Minnesota Offering Webcast on the New Pharmacy Benefits Manager Licensing Requirements, on August 27, 2019.
Effective January 1, 2020, any TPA which administers, for compensation, a self-insurance or insurance plan must be licensed as a TPA a Pharmacy Benefits Manager (“PBM”). The New PBM License does not replace the TPA license. Both licenses will be required on and after January 1, 2020.
There are three steps to obtain the PBM license: Submitting the Network Adequacy Report, Complete the PBM License Application, and pay the applicable fee.
An email notice, sent on August 19, 2019, the Minnesota Commerce Department said,
“The session will last approximately an hour and will go over licensing requirements, network adequacy reporting, and upcoming deadlines. The Departments will take time to answer questions during the session, and encourage submitting questions to PBM.Licensing@state.mn.us in advance of the session. The Departments have received a number of questions regarding PBM licensing and network adequacy requirements. These questions are being compiled and will be responded to in the coming week.”Minnesota Department of Commerce – Notice of First Technical Guidance Session – 8/27/2020 – Sent via Email August 19, 2019
Please visit MN Commerce Department/Insurance Licensing page for full details.