(1) As used in KRS 304.17A-740 to 304.17A-743, unless the context otherwise requires:
(a) "Administrator" has the meaning provided in KRS 304.9-051;
(b) "Auditing entity" means an insurer or an administrator that conducts or arranges for the performance of an audit of a pharmacy's records for the purpose of determining compliance with pharmacy benefit requirements; and (c) "Insurer" has the meaning provided in KRS 304.17A-005.
(2) A provider agreement or provider contract between a pharmacy and an insurer, an agency of the Commonwealth, a pharmacy benefits administrator, or a pharmacy benefits manager that allows an audit of the pharmacy's records by an auditing entity shall comply with KRS 304.17A-741 and 304.17A-743.