AB50,1455,16 4. Evidence of financial responsibility of at least $1,000,000.

AB50,1455,17 5. Any other information required by the commissioner.

AB50,1455,19 (b) The term of a license issued under par. (a) shall be 2 years from the date of issuance.

AB50,1456,2 (c) A license issued under par. (a) may be renewed. Renewal applications shall be submitted to the commissioner on a form provided by the commissioner and shall include all the items described in par. (a) 1. to 5. A renewal application under this paragraph may not be submitted more than 90 days prior to the end of the term of the license being renewed.

AB50,1456,6 (3) Disclosure to the commissioner. (a) A pharmacy services administrative organization licensed under sub. (2) 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:

AB50,1456,7 1. Provides pharmacy services.

AB50,1456,8 2. Provides prescription drug or device services.

AB50,1456,10 3. Manufactures, sells, or distributes prescription drugs, biologicals, or medical devices.

AB50,1456,13 (b) A pharmacy services administrative organization licensed under sub. (2) 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).

AB50,1456,15 (4) Rules. The commissioner may promulgate rules to implement this section.

AB50,2946 Section 2946. 632.865 (2m) of the statutes is created to read:

AB50,1456,20 632.865 (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.

AB50,1457,2 (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:

AB50,1457,4 1. The indirect profit received by the pharmacy benefit manager from owning any interest in a pharmacy or service provider.

AB50,1457,6 2. Any payment made by the pharmacy benefit manager to a consultant or broker who works on behalf of the health benefit plan sponsor.

AB50,1457,10 3. From the amounts received from all drug manufacturers, the amounts retained by the pharmacy benefit manager, and not passed through to the health benefit plan sponsor, that are related to the health benefit plan sponsor’s claims or bona fide service fees.

AB50,1457,15 4. The amounts, including pharmacy access and audit recovery fees, received from all pharmacies that are in the pharmacy benefit manager’s network or have a contract to be in the network and, from these amounts, the amount retained by the pharmacy benefit manager and not passed through to the health benefit plan sponsor.

AB50,2947 Section 2947. 632.868 of the statutes is created to read:

AB50,1457,17 632.868 Insulin safety net programs. (1) Definitions. In this section:

AB50,1457,19 (a) “Manufacturer” means a person engaged in the manufacturing of insulin that is self-administered on an outpatient basis.

AB50,1457,20 (b) “Navigator” has the meaning given in s. 628.90 (3).

AB50,1457,22 (c) “Patient assistance program” means a program established by a manufacturer under sub. (3) (a).

AB50,1457,23 (d) “Pharmacy” means an entity licensed under s. 450.06 or 450.065.

AB50,1458,3 (e) “Urgent need of insulin” means having less than a 7-day supply of insulin readily available for use and needing insulin in order to avoid the likelihood of suffering a significant health consequence.

AB50,1458,5 (f) “Urgent need safety net program” means a program established by a manufacturer under sub. (2) (a).

AB50,1458,9 (2) Urgent need safety net program. (a) Establishment of program. No later than July 1, 2026, each manufacturer shall establish an urgent need safety net program to make insulin available in accordance with this subsection to individuals who meet the eligibility requirements under par. (b).

AB50,1458,11 (b) Eligible individual. An individual shall be eligible to receive insulin under an urgent need safety net program if all of the following conditions are met:

AB50,1458,12 1. The individual is in urgent need of insulin.

AB50,1458,13 2. The individual is a resident of this state.