AB68,1540,10 1. The name, address, telephone number, and federal employer identification number of the applicant.

AB68,1540,12 2. The name, business address, and telephone number of a contact person for the applicant.

AB68,1540,13 3. The fee under s. 601.31 (1) (nw).

AB68,1540,14 4. Evidence of financial responsibility of at least $1,000,000.

AB68,1540,15 5. Any other information required by the commissioner.

AB68,1540,17 (b) The term of a license issued under par. (a) shall be 2 years from the date of issuance.

AB68,1540,21 (3) Disclosure to the commissioner. (a) A pharmacy services administrative organization shall disclose to the commissioner the extent of any ownership or control of the pharmacy services administrative organization by an entity that does any of the following:

AB68,1540,22 1. Provides pharmacy services.

AB68,1540,23 2. Provides prescription drug or device services.

AB68,1540,25 3. Manufactures, sells, or distributes prescription drugs, biologicals, or medical devices.

AB68,1541,3 (b) A pharmacy services administrative organization shall notify the commissioner in writing within 5 days of any material change in its ownership or control relating to an entity described in par. (a).

AB68,1541,4 (4) Rules. The commissioner may promulgate rules to implement this section.

AB68,2959 Section 2959 . 632.865 (1) (a) of the statutes is renumbered 632.865 (1) (aw).

AB68,2960 Section 2960 . 632.865 (1) (ae) and (ak) of the statutes are created to read:

AB68,1541,7 632.865 (1) (ae) “Health benefit plan” has the meaning given in s. 632.745 (11).

AB68,1541,8 (ak) “Health care provider” has the meaning given in s. 146.81 (1).

AB68,2961 Section 2961 . 632.865 (1) (c) of the statutes is renumbered 632.865 (1) (c) (intro.) and amended to read:

AB68,1541,13 632.865 (1) (c) (intro.) “Pharmacy benefit manager" means an entity doing business in this state that contracts to administer or manage prescription drug benefits on behalf of any of the following:

AB68,1541,14 1. An insurer or other.

AB68,1541,16 3. Another entity that provides prescription drug benefits to residents of this state.

AB68,2962 Section 2962 . 632.865 (1) (c) 2. of the statutes is created to read:

AB68,1541,18 632.865 (1) (c) 2. A cooperative, as defined in s. 185.01 (2).

AB68,2963 Section 2963 . 632.865 (1) (dm) of the statutes is created to read:

AB68,1541,20 632.865 (1) (dm) “Prescription drug" has the meaning given in s. 450.01 (20).

AB68,2964 Section 2964. 632.865 (2m) of the statutes is created to read:

AB68,1541,25 632.865 (2m) Fiduciary duty and disclosures to health benefit plan sponsors. (a) A pharmacy benefit manager owes a fiduciary duty to the health benefit plan sponsor to act according to the health benefit plan sponsor's instructions and in the best interests of the health benefit plan sponsor.

AB68,1542,3 (b) A pharmacy benefit manager shall annually provide, no later than the date and using the method prescribed by the commissioner by rule, the health benefit plan sponsor all of the following information from the previous calendar year:

AB68,1542,5 1. The indirect profit received by the pharmacy benefit manager from owning any interest in a pharmacy or service provider.

AB68,1542,7 2. Any payment made by the pharmacy benefit manager to a consultant or broker who works on behalf of the health benefit plan sponsor.