Bill Text: IL SB1943 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Insurance Code. Makes a technical change in a Section concerning pharmacy benefit managers.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-02-09 - Referred to Assignments [SB1943 Detail]

Download: Illinois-2023-SB1943-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1943 Introduced 2/9/2023, by Sen. David Koehler SYNOPSIS AS INTRODUCED:
215 ILCS 5/513b2
Amends the Illinois Insurance Code. Makes a technical change in a Section concerning pharmacy benefit managers.
LRB103 29277 BMS 55664 b
A BILL FOR
SB1943 LRB103 29277 BMS 55664 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Insurance Code is amended by
changing Section 513b2 as follows:
(215 ILCS 5/513b2)
Sec. 513b2. Licensure requirements.
(a) Beginning on July 1, 2020, to conduct business in this
State, a pharmacy benefit manager must register with the the
Director. To initially register or renew a registration, a
pharmacy benefit manager shall submit:
(1) A nonrefundable fee not to exceed $500.
(2) A copy of the registrant's corporate charter,
articles of incorporation, or other charter document.
(3) A completed registration form adopted by the
Director containing:
(A) The name and address of the registrant.
(B) The name, address, and official position of
each officer and director of the registrant.
(b) The registrant shall report any change in information
required under this Section to the Director in writing within
60 days after the change occurs.
(c) Upon receipt of a completed registration form, the

SB1943 - 2 - LRB103 29277 BMS 55664 b
required documents, and the registration fee, the Director
shall issue a registration certificate. The certificate may be
in paper or electronic form, and shall clearly indicate the
expiration date of the registration. Registration certificates
are nontransferable.
(d) A registration certificate is valid for 2 years after
its date of issue. The Director shall adopt by rule an initial
registration fee not to exceed $500 and a registration renewal
fee not to exceed $500, both of which shall be nonrefundable.
Total fees may not exceed the cost of administering this
Section.
(e) The Department shall adopt any rules necessary to
implement this Section.
(Source: P.A. 101-452, eff. 1-1-20.)