Oklahoma Pharmacy Benefits Managers Bond Updated Requirements

As discussed in Goldleaf Surety's blog post dated August 9, 2017, effective August 31, 2017, the Oklahoma Insurance Department’s statutory dollar amount requirement for the Pharmacy Benefit Manager’s (PBM) Bond had been amended to $1,000,000 per occurrence and $5,000,000 annual aggregate. Due to a substantial number of questions and comments from both PBM's and surety companies regarding the bond requirement set forth in Oklahoma Administrative Code Sec. O.A.C. 365:25-29-6, the Commissioner … [Read more...]