Section 59A-62-8 – Required training programs.
A. The supervising entity shall supervise the administration of the self-service storage insurance program, including development of a training program approved by the superintendent for employees and authorized representatives of the self-service storage insurance producer. B. The training program shall be provided to an employee or authorized representative of a self-service storage insurance producer prior […]
Section 59A-62-9 – Collection of fees.
A. Charges for self-service storage insurance coverage may be billed and collected by a self-service storage insurance producer. B. A charge to an occupant for coverage that is not included in the cost associated with the rental of storage space shall be separately itemized on the occupant’s bill. C. If self-service storage insurance coverage is […]
Section 59A-61-7 – Pharmacy benefits managers; prohibited pharmacy fees.
A. A pharmacy benefits manager shall not charge a pharmacy a fee related to the adjudication of a claim, including: (1) the receipt and processing of a pharmacy claim; (2) the development or management of a claim processing or adjudication network; or (3) participation in a claim processing or claim adjudication network. B. A pharmacy […]
Section 59A-60-5 – Authority of vendors of portable electronics.
A. The employees and authorized representatives of vendors may sell or offer portable electronics insurance to customers and shall not be subject to licensure as insurance agents under any other provision of the Insurance Code, provided that: (1) the vendor obtains a limited agent’s license to authorize its employees or authorized representatives to sell or […]
Section 59A-60-6 – Penalties; suspension or revocation of license.
A person who violates any provision of the Portable Electronics Insurance Act may, after notice and hearing, be subject to: A. fines not to exceed one thousand dollars ($1,000) per violation and not to exceed a total of ten thousand dollars ($10,000); or B. as the superintendent deems necessary: (1) suspension of the privilege of […]
Section 59A-60-7 – Termination of portable electronics insurance.
Notwithstanding any other provision of law: A. an insurer may terminate or otherwise change the terms and conditions of a policy of portable electronics insurance only upon providing the policyholder and enrolled customers with at least thirty days’ notice; B. if the insurer changes the terms and conditions of a policy, the insurer shall provide […]
Section 59A-61-1 – Short title.
Chapter 59A, Article 61 NMSA 1978 may be cited as the “Pharmacy Benefits Manager Regulation Act”. History: Laws 2014, ch. 14, § 1; 2017, ch. 16, § 1. ANNOTATIONS The 2017 amendment, effective June 16, 2017, deleted “Sections 1 through 6 of this act” and added “Chapter 59A, Article 61 NMSA 1978”.
Section 59A-61-2 – Definitions.
As used in the Pharmacy Benefits Manager Regulation Act: A. “maximum allowable cost” means the maximum amount that a pharmacy benefits manager will reimburse a pharmacy for the cost of a generic drug; B. “maximum allowable cost list” means a searchable, electronic and internet-based listing of drugs used by a pharmacy benefits manager setting the […]
Section 59A-61-3 – Licensure; initial application; annual renewal required; revocation.
A. A person shall not operate as a pharmacy benefits manager unless licensed by the superintendent in accordance with the Pharmacy Benefits Manager Regulation Act and applicable federal and state laws. A licensee shall renew the licensee’s pharmacy benefits manager license annually. B. An initial application and a renewal application for licensure as a pharmacy […]
Section 59A-61-4 – Pharmacy reimbursement practices for generic drugs; appeals process required.
A. A pharmacy benefits manager shall determine a reimbursement amount for a generic drug based on objective and verifiable sources. B. A pharmacy benefits manager shall reimburse a pharmacy an amount no less than the amount that the pharmacy benefits manager reimburses a pharmacy benefits manager affiliate in the same network for providing the same […]