In the state of Louisiana a new law was enacted in relation to pharmacy benefit managers. The new law, named HB 1366 subjects pharmacy benefit managers to the existing law third party administrators of insurance or self-insured plans for health/life benefits must abide by, as well as licensure and a $100,000 surety bond. The surety bond is for the assistance and protection of all policyholders of the insurer and members of the plan with whom the administrator contracts. HB 1327 was very comparable, apart from that it would have required a fidelity bond. HB 1366 was enacted on 06/21/2008.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.