What does the new South Carolina law do?

It creates a new PBM license and establishes other requirements for PBMs. It also authorizes the South Carolina Department of Insurance to promulgate regulations to enforce the provisions of the new law.

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1. What is a pharmacy benefits manager?
2. Are there PBMs already licensed in South Carolina?
3. What does the new South Carolina law do?
4. Will the Department promulgate new regulations?
5. My business is currently licensed as a TPA. What do I need to do to transition to a PBM license?