What does the new South Carolina law do?

It creates a new PBM license and establishes other requirements for PBMs. It also authorizes the South Carolina Department of Insurance to promulgate regulations to enforce the provisions of the new law.

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1. What is a pharmacy benefits manager?
2. Are there PBMs already licensed in South Carolina?
3. What does the new South Carolina law do?
4. Will the Department promulgate new regulations?
5. My business is currently licensed as a Third Party Administrator (TPA). What do I need to do to transition to a PBM license?
6. What happens if a PBM does not have a PBM license by January 1, 2021?
7. Is completion of the PBM Application Requirements Checklist required for PBM licensure?
8. Can the PBM application be filed electronically?
9. Can the application be filed manually?
10. What happens when all requirements for PBM licensure are met?
11. Does a PBM need a TPA license in addition to a PBM license?
12. How can a PBM submit a name/address change?