New law puts Florida insurance regulators in charge of pharmacy benefit managers - Florida Politics
Florida has transferred regulatory authority over pharmacy benefit managers (PBMs) from the Office of Insurance Regulation to the Florida Department of Financial Services, effective July 1, 2024. This change may affect pharmacy reimbursement, network participation, and audit processes.
Aforeworn detected this change in the Pharmacy & Controlled Substances space on July 28, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated Medium urgency. Independent pharmacies, retail chains, compounding pharmacies, and long-term-care pharmacies operating in Florida. should confirm how it applies to their specific situation before acting. There is a time constraint attached: July 1, 2024 (effective date).. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Pharmacy & Controlled Substances continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.
What changed
Regulatory oversight of PBMs shifts from the Office of Insurance Regulation to the Department of Financial Services, with new requirements for PBM transparency and reporting.
Who it affects
Independent pharmacies, retail chains, compounding pharmacies, and long-term-care pharmacies operating in Florida.
What you must do
Review new PBM contracts and audit procedures for compliance with updated state regulations; ensure reimbursement rates align with new transparency rules.
Deadline
July 1, 2024 (effective date).
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