A. A pharmacy benefit manager shall owe the beneficiaries of any pharmacy benefit management plan administered by the pharmacy benefit manager and to the entities that have entered into a contract with the pharmacy benefit manager the duties of good faith, honesty, trust, confidence, and candor.
B. The standard for the fulfillment of a pharmacy benefit manager's duties shall be to act with a high degree of care, skill, prudence, and diligence required of a reasonable and prudent person with substantial experience and expertise in the management of pharmacy benefit management plans and payment of claims.
C. Failure of a pharmacy benefit manager to satisfy the duties established in this Section shall not create a separate or independent cause of action nor shall it be construed to prohibit any cause of action established by or recognized in federal or state law.