Michigan Compiled Laws
Act 11 of 2022 - Pharmacy Benefit Manager Licensure and Regulation Act (550.811.new - 550.845.new)
Section 550.843.new - Retention Schedule; Records, Books, Papers, and Other Data; Destruction or Disposal of Certain Documents Prohibited.

***** 550.843.new THIS NEW SECTION IS EFFECTIVE JANUARY 1, 2024 *****
Sec. 33.
(1) The director shall establish a retention schedule for all records, books, papers, and other data on file with the department related to the enforcement of this act.
(2) The director shall not order the destruction or other disposal of a record, book, paper, or other data that is any of the following:
(a) Required by law to be filed or kept on file with the department until 10 years have passed.
(b) Filed during the director's administration or administrations.
History: 2022, Act 11, Eff. Jan. 1, 2024

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 550 - General Insurance Laws

Act 11 of 2022 - Pharmacy Benefit Manager Licensure and Regulation Act (550.811.new - 550.845.new)

Section 550.811.new - Short Title.

Section 550.815.new - Definitions; a to I.

Section 550.817.new - Definitions; M to P.

Section 550.819.new - Definitions; R to W.

Section 550.821.new - Pharmacy Benefit Manager; Licensure; Application Requirements; Modification Notice; Grounds for Refusal, Revocation, Denial, or Suspension; Fines; Notice and Hearings; Investigation of Officers, Directors and Owners; Renewal.

Section 550.823.new - Promulgation of Rules.

Section 550.825.new - Contractual Responsibilities; Conflict of Interest; Exception for Certain Audits.

Section 550.827.new - Pharmacy Benefit Manager Network; Report; Waiver; Prohibition on Spread Pricing and Fees for Electronic Processing.

Section 550.829.new - Prohibited Conduct.

Section 550.831.new - Contractual Restrictions and Limitations With Pharmacists or Pharmacies; Disclosure of Costs; Payment at Point of Sale.

Section 550.833.new - Transparency Report; Requirements; Exempt From Freedom of Information Act; Report to Legislature; Inapplicable to Medicaid Contracts.

Section 550.837.new - Maximum Allowable Costs; Pharmacy Benefit Manager Duties.

Section 550.838.new - Authorization to Conduct Audit; Process and Duties; Written Report; Extrapolation Audit Prohibition; Inapplicable to Certain Investigations; Carrier Pharmacy Audits Not Impaired or Superseded.

Section 550.839.new - Retail Pharmacies; Contractual Restrictions and Limitations; Use of Untrue, Deceptive, or Misleading Advertisements; Reversal and Resubmission of Claims; Termination of Pharmacy From Pharmacy Benefit Manager Network; Retaliation...

Section 550.840.new - Enforcement of Act; Examination and Audit.

Section 550.841.new - Contract Compliance; License Requirement.

Section 550.843.new - Retention Schedule; Records, Books, Papers, and Other Data; Destruction or Disposal of Certain Documents Prohibited.

Section 550.845.new - Scope of Act.