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Pharmacy benefit managers (PBMs) — the companies that act as middlemen between insurance plans and pharmacies to determine drug reimbursement rates — face new transparency and accountability requirements under this bill. PBMs must provide pharmacies with an accessible electronic list of all drugs subject to maximum allowable cost pricing, disclose the data sources used to set those prices, and when denying a pharmacy's appeal of a reimbursement rate, must now also specify exactly how the drug is available at or below that price. The bill also sets a specific penalty structure, allowing the Insurance Commissioner to fine a PBM up to $2,500 per day for each ongoing violation.