Effective August 31, 2017, the Oklahoma Insurance Department’s statutory dollar amount requirement for the Pharmacy Benefit Manager’s (PBM) Bond will be changing. This bond is required by the state for all licensed Pharmacy Benefit Managers. The new requirement for the PBM Bond will be $1 million per occurrence/$5 million aggregate.
A pharmacy benefit manager is a third-party administrator of prescription drug programs. They generally work with self-insured companies and government programs to help maintain or reduce drug costs.
Goldleaf Surety Services works with several surety companies who are excellent markets for the Pharmacy Benefit Manager’s Bond. If you would like more information on the PBM Bond or need assistance placing this bond for your client, Goldleaf Surety Services’ knowledgeable and experienced staff is available to assist you.