The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
002
:
PHARMACY BENEFIT MANAGER LICENSURE AND REGULATION
(Cite as: 18 V.S.A. § 3611)
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§ 3611. Licensure
(a) A person shall not establish or operate as a pharmacy benefit manager for health benefit
plans in this State without first obtaining a license from the Commissioner of Financial
Regulation.
(b) A person applying for a pharmacy benefit manager license shall submit an application
for licensure in the form and manner prescribed by the Commissioner and shall include
with the application a nonrefundable application fee of $1,600.00 and an initial licensure
fee of $10,000.00.
(c) The Commissioner may refuse to issue or renew a pharmacy benefit manager license if
the Commissioner determines that the applicant or any individual responsible for the
conduct of the applicant’s affairs is not competent, trustworthy, financially responsible,
or of good personal and business reputation, or has been found to have violated the
insurance laws of this State or any other jurisdiction, or has had an insurance or
other certificate of authority or license denied or revoked for cause by any jurisdiction.
(d) Unless surrendered, suspended, or revoked by the Commissioner, a license issued under
this section shall remain valid, provided the pharmacy benefit manager does all of
the following:
(1) Continues to do business in this State.
(2) Complies with the provisions of this chapter and any applicable rules.
(3) Submits a renewal application in the form and manner prescribed by the Commissioner
and pays the annual license renewal fee of $12,000.00. The renewal application and
renewal fee shall be due to the Commissioner on or before 90 days prior to the anniversary
of the effective date of the pharmacy benefit manager’s initial or most recent license.
(e) The Commissioner shall adopt rules pursuant to 3 V.S.A. chapter 25 to establish the
licensing application, financial, and reporting requirements for pharmacy benefit
managers in accordance with this section. (Added 2023, No. 127 (Adj. Sess.), § 1, eff. July 1, 2024.)