Bill Title: Amends the Illinois Insurance Code. Provides that a pharmacy benefit manager has a fiduciary duty to a third party with which the pharmacy benefit manager has entered into a contract to manage the pharmacy benefit plan of the third party and shall notify the third party in writing of an activity, policy, or practice of the pharmacy benefit manager that presents a conflict of interest that interferes with the ability of the pharmacy benefit manager to discharge its fiduciary duty. Allows the Director of Insurance to refuse to issue, suspend, or revoke a license or impose a fine if it is found that a pharmacy benefit manager has failed to adequately discharge its fiduciary duty to a third party. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3117 Detail]

Text: Latest bill text (Introduced) [HTML]

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