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May 13, 2022

New York State Department of Financial Services Releases Guidance on PBM Registration

On May 5, the New York State Department of Financial Services (DFS) released guidance concerning the registration of pharmacy benefit managers (PBMs) operating in New York. PBMs must register with DFS no later than June 1. Such registration will be valid through December 31, 2023. Thereafter, PBMs must be licensed by DFS.  The guidance also included FAQs regarding the registration. DFS clarified that a PBM is “any entity that performs pharmacy benefit management service for a health plan in New York.” This includes PBMs that provide services to self-insured plans in which at least 50% of the insureds work or reside in New York, as well as PBMs providing services to Medicare Advantage plans.  PBMs applying for registration prior to January 1, 2023 are subject to a non-refundable registration fee of $8,000.  PBMs commencing operations in New York after January 1, 2023 will be subject to non-refundable registration fee of $4,000.

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