Pharmacy Benefits Managers in Georgia Need to be Bonded
Pharmacy Benefits Managers work on behalf of a health plan sponsor. Responsibilities include procurement of prescription drugs to be dispensed to patients, or the administration or management of prescription drug benefits. This includes mail service pharmacies, claims processing, negotiating or administration of rebates or other incentives, patient compliance, and disease management.
Georgia's Office of Commissioner of Insurance requires the state's Pharmacy Benefits Managers to be licensed. A part of licensing includes obtaining a $100,000 Performance Surety Bond.
Surety Bond Requirement
A $100,000 Performance Surety Bond is required for licensing. The bond guarantees that Pharmacy Benefits Managers fully comply with the state's rules, regulations and statutes. It protects clients from fraud, theft, or other criminal actions.
Pharmacy Benefits Managers in Georgia must also maintain a net worth of at least $200,000 and errors and omissions coverage for at least $250,000.
What Will This Bond Cost?
The premium you pay for a Georgia Pharmacy Benefits Manager Surety Bond depends on your personal and business financials. SuretyGroup.com wants to help save you money. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Did You know?
Georgia Pharmacy Benefits Managers may not engage in the practice of medicine.
Related Links:
Georgia Senate Bill 123 - Amendment of Title 33Provides for regulation and licensure of pharmacy benefits managers in Georgia.
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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