Oklahoma Pharmacy Benefit Manager’s Bond Requirements Changing

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 … [Read more...]