For Immediate Release:
May 16, 2023
Insurance Commissioner Mulready to Testify at Congressional Committee
Oklahoma Regulator Will Share Perspective from Nation’s Leading PBM Regulatory Program
WASHINGTON, D.C. – Oklahoma Insurance Commissioner Glen Mulready will testify in front of the United States House Ways and Means Committee this week. The committee invited Commissioner Mulready to share Oklahoma’s story on developing one of the strongest Pharmacy Benefit Manager (PBM) compliance programs in the country. Since 2021, Oklahoma has built a robust regulatory program that has issued over $3.5 million in fines and returned over $700,000 to local independent pharmacies through administrative action and settlement agreements.
Oklahoma has been a leader in this national conversation. Through its membership with the National Association of Insurance Commissioners (NAIC), Commissioner Mulready has shared many best practices with fellow states.
“I appreciate the opportunity to share our story with members of Congress,” Mulready said. “I am hopeful that our successful efforts to defend legal challenges, hold PBM’s accountable with administrative actions, and work with our legislature to make key policy changes will be a roadmap for others.”
The Oklahoma Insurance Department (OID) currently serves as vice-chair of the NAIC PBM Working Group. It has been a leading contributor to developing best practices for fellow regulators. OID has a team of investigators, attorneys, and license administrators who have resolved over 200,000 violations, issued over 15 administrative orders, and is a leading voice for PBM regulation with industry representatives and policymakers nationwide.
For more insurance information, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.