Title: Pharmacy Benefit Manager (PMB)
Alternate Title:
Description:
"Pharmacy benefit manager" means a person, business, or other entity that contracts with a plan sponsor to perform pharmacy benefits management. Minnesota Department of Commerce
Subject: Drugs
Insurance
Pharmacies
Creation Date: 12/31/2019 8:02:12 AM
Modification Date: 8/15/2024 8:42:16 AM
Agency Name: Commerce, Minnesota Department of
Agency URL: https://mn.gov/commerce/
Agency Description:
The Minnesota Department of Commerce is the chief regulator for the banking, energy, insurance, real estate, securities, telecommunications industries and also operates Minnesota's Unclaimed Property.
Agency Phone: 651-539-1500
Agency Fax: Agency URL: https://mn.gov/commerce/
Agency Address:
85 7th Place East, Suite 500
St. Paul
MN
55101
Unit Name: Email
Unit URL:
Unit Description:
Unit Phone: Unit Fax: Contact person(s): PBM.Licensing@state.mn.us
Unit URL:
Audience:
Application URL: https://www.sircon.com/
Renewal URL: https://www.sircon.com/
Versa URL:
Requirements:
Rules:
Statutes: 62W
Forms:
View the application guide
View the tutorial
Complete the PBM Licensing application/renewal online through Sircon
Fees:
License fee - $8,500 (nonrefundable)
Renewal fee $8,500 (nonrefundable)
Renewal application submitted after the renewal deadline date must be accompanied by a late fee of $500 (nonrefundable)
Penalty If a pharmacy benefit manager acts without a license, the pharmacy benefit manager may be subject to a fine of $5,000 per day for the period the pharmacy benefit manager is found to be in violation.
Period of Issuance:
Length of Determination:
Within 30 days of receiving an application, the commissioner may require additional information or submissions from an applicant and may obtain any document or information reasonably necessary to verify the information contained in the application. Within 90 days after receipt of a completed application, the network adequacy report required under
Minn. Stat. § 62W.05, and the applicable license fee, the commissioner shall review the application and issue a license if the applicant is deemed qualified under this section. If the commissioner determines the applicant is not qualified, the commissioner shall notify the applicant and shall specify the reason or reasons for the denial.
Other Info:
Activity: License Detail URL:
Pharmacy Benefit Manager
Insurance Licensing
License Verification