Special Notice to Pharmacy Benefit Managers (PBM) License Holders
| TO: | All Pharmacy Benefit Managers (PBM) License Holders |
| RE: | New Point of Contact for PBM Licensure |
| FROM: | Glen Mulready, Oklahoma Insurance Commissioner |
| DATE: | November 26, 2024 |
Purpose of this Notice
Effective immediately, the Oklahoma Insurance Department (OID) has a new point of contact for Pharmacy Benefit Manager (PBM) license holders. Due to the enforcement of PBMs moving to the Oklahoma Attorney General’s Office last year, the OID has shifted the oversight of PBM licensing to our Regulated Industry Services (RIS) Division. The RIS Division will be responsible for initial licensure, renewal of licensure, and review of annual statements.
Important Due Dates and Fees:
| Application Type | System | Fee | Due Date | Frequency |
| Initial | OPTins | $1,000.00 | At submission | |
| Renewal | OPTins | $500.00 | Prior to expiration date | Annually |
| Reinstatement | OPTins | $1,000.00 | Within 1 year after expiration | Annually |
| Annual Statement | OPTins | $0.00 | by May 1st | Annually |
The OID will continue to work closely with the Oklahoma Attorney General’s office on all matters related to PBMs.
Should you have any questions or need assistance with PBM licensure, you can contact the Regulated Industry Services (RIS) division via email at PBMLicensing@oid.ok.gov.