SB 310 is a new Georgia State law that was enacted relating to pharmacy benefit managers. The new law requires pharmacy benefit managers to attain a license and also attain a $100,000 surety bond from a state authorized corporate surety company. The sureties have the option to terminate the surety bond with 30 days written notification. Additional terms of the surety bond will be established using policies. Also, a $250,000 minimum errors and omissions insurance policy or “other appropriate liability insurance” also is necessary.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.