(a) A person may not conduct business in the state as a pharmacy benefits manager unless the person is registered with the director.
(b) A pharmacy benefits manager registered under this section may (1) contract with an insurer to administer or manage pharmacy benefits provided by an insurer for a covered person, including claims processing services for and audits of payments for prescription drugs and medical devices and supplies; and
(2) contract with network pharmacies.
(c) A pharmacy benefits manager (1) shall apply for registration following the same procedures for licensure set out in AS 21.27.040;
(2) is subject to hearings and orders on violations; denial, nonrenewal, suspension, or revocation of registration; penalties; and surrender of registration under the procedures set out in AS 21.27.405 — 21.27.460.
(d) Each day that a pharmacy benefits manager conducts business in the state as a pharmacy benefits manager without being registered is a separate violation of this section, and each separate violation is subject to the maximum civil penalty under AS 21.97.020.