OLR Bill Analysis
SB 958 (File 116, as amended by Senate "A")*
AN ACT CONCERNING ELECTRONIC FUNDS TRANSFER PAYMENTS BY PHARMACY BENEFITS MANAGERS TO PHARMACIES.
This bill requires pharmacy benefits managers to pay claims to a pharmacy by electronic funds transfer upon the pharmacy's written request. The payment must be made within the time period specified under the insurers unfair trade practices act, generally within 20 days after receipt of the claim.
The bill allows the insurance commissioner to (1) conduct investigations and hold hearings and (2) issue subpoenas, administer oaths, compel testimony, and order the production of books, records, and documents with regard to this requirement. If any person refuses to appear, to testify, or to produce any book, record, paper, or document when so ordered, a Superior Court judge may make appropriate orders, upon application of the commissioner. Anyone aggrieved by the commissioner's order or decision can appeal to the courts.
*Senate Amendment “A” makes a technical change.
EFFECTIVE DATE: October 1, 2013
Insurance and Real Estate Committee