TO AMEND THE ARKANSAS PHARMACY BENEFITS MANAGER LICENSURE ACT.

Senate Bill 544 amends the Arkansas Pharmacy Benefits Manager Licensure Act, primarily affecting Pharmacy Benefits Managers (PBMs) and pharmacies in Arkansas. The bill requires PBMs to provide pharmacies with specific network identification numbers to assist in contract negotiations and establishes clear notice requirements for "opt-out contracts." It prohibits PBMs from offering "take it or leave it" contract terms that violate state law and mandates Arkansas-specific compliance for national contracts. The legislation also grants the Insurance Commissioner expanded enforcement powers, including placing PBMs on probation or suspending specific networks for non-compliance.