Topic: Industry Developments

New California Legislation Governing Health Plans’ Relationships with Pharmacies and Pharmacy Benefit Managers

Last month, California Governor Jerry Brown signed AB 315 into law. AB 315 is California’s version of the growing national trend to regulate pharmacy benefit managers (“PBMs”). PBMs are entities that not only manage prescription drug benefits under health insurance plans, including drug utilization review, drug plan formulary development, selecting pharmacies for prescription drug networks, and determining reimbursements for those pharmacies, but also operate mail order and specialty pharmacies themselves.

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Document Retention Aspects of New York Cybersecurity Regulations

The New York Department of Financial Services Cybersecurity Regulations, 23 NYCRR part 500 (the “Cybersecurity Regulations”), require companies subject to the regulations to update their record retention schedule for particular documents mandated by the Cybersecurity Regulations. 

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Investment Project Expected to Yield Portfolio Strengthening and Risk Sensitivity

Insurers may soon benefit from reporting revisions to diversify and strengthen investment portfolios and enhance managing Risk Based Capital (“RBC”).  As part of the ongoing National Association of Insurance Commissioners (“NAIC”) Investment Classification Project it is proposed that RBC for NAIC designated mutual funds be based on the underlying holdings of the funds.

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Rhode Island Legislature Contemplating Clarification to State’s Legacy Transfer Program

In 2015, the Rhode Island Department of Business Regulation (“DBR”) implemented the state’s Insurance Business Transfer Act (“IBT”) (“Regulation 68”), which permits insurers to transfer commercial ‘legacy business’ (subject to certain limitations) to a Rhode Island domestic insurer by way of novation, subject to court approval.

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