Insurance Law 2905 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 2904 Reporting requirements for pharmacy benefit managers up ARTICLE 29 Pharmacy Benefit Managers next SECTION 2906 Licensing of a pharmacy benefit manager Viewing most recent revision (from 2022-03-04) View historical revision as of: -- Choose a Date -- 2022-03-04 2022-01-07 Share Facebook Email SECTION 2905 Acting without a license Insurance (ISC) CHAPTER 28, ARTICLE 29 § 2905. Acting without a license. (a) No person, firm, association, corporation or other entity may act as a pharmacy benefit manager on or after January first, two thousand twenty-four without having authority to do so by virtue of a license issued in force pursuant to the provisions of this article. (b) Any person, firm, association, corporation or other entity that violates this section shall, in addition to any other penalty provided by law, be liable for restitution and compensatory damages to any health plan, pharmacy, covered individual or other person harmed by the violation and further shall be subject to a penalty not exceeding the greater of (1) four thousand dollars for the first violation and ten thousand dollars for each subsequent violation or (2) the aggregate economic gross receipts attributable to all violations, as determined by the superintendent at a hearing.