An Act relating to pharmacy benefits managers; relating to third-party administrators; and providing for an effective date.

SB 134 amends Alaska's insurance code to expand regulatory oversight of pharmacy benefits managers (PBMs) and third-party administrators. The bill requires the state insurance director to examine these entities whenever necessary, adding them to the list of entities subject to routine financial and operational reviews. It also clarifies that these entities must be licensed to operate in Alaska and establishes payment procedures for examination costs. The bill directly affects PBMs and third-party administrators providing pharmacy benefit services in the state, increasing their regulatory compliance obligations.