73-21-157 - Pharmacy benefit managers to file certain financial statements with Commissioner of Insurance and State Board of Pharmacy; time period for filing statements.
§ 73-21-157. Pharmacy benefit managers to file certain financial statements with Commissioner of Insurance and State Board of Pharmacy; time period for filing statements.
(1) Each pharmacy benefit manager providing pharmacy management benefit plans in this state shall file a statement with the commissioner annually by March 1 or within sixty (60) days of the end of its fiscal year if not a calendar year. The statement shall be verified by at least two (2) principal officers and shall cover the preceding calendar year or the immediately preceding fiscal year of the pharmacy benefit manager.
(2) The statement shall be on forms prescribed by the commissioner and shall include:
(a) A financial statement of the organization, including its balance sheet and income statement for the preceding year; and
(b) Any other information relating to the operations of the pharmacy benefit manager required by the commissioner under this section.
(3) If the pharmacy benefit manager is audited annually by an independent certified public accountant, a copy of the certified audit report shall be filed annually with the commissioner by June 30 or within thirty (30) days of the report being final.
(4) The commissioner may extend the time prescribed for any pharmacy benefit manager for filing annual statements or other reports or exhibits of any kind for good cause shown. However, the commissioner shall not extend the time for filing annual statements beyond sixty (60) days after the time prescribed by subsection (1) of this section. The commissioner may waive the requirements for filing financial information for the pharmacy benefit manager if an affiliate of the pharmacy benefit manager is already required to file such information under current law.
(5) The expense of administering this section shall be assessed annually by the commissioner against all pharmacy benefit managers operating in this state.
(6) The pharmacy benefit manager shall also file a copy of its annual statement with the Mississippi Board of Pharmacy. The board shall notify the commissioner of the failure of a pharmacy benefit manager to file its annual statement.
Sources: Laws, 2006, ch. 533, § 34, eff from and after June 30, 2006.