In considering approval of a subcontract between a managed care organization and a pharmacy benefit manager to provide Medicaid prescription drug benefits, the commission shall review and consider whether in the preceding three years the pharmacy benefit manager has been:
(1) convicted of:
(A) an offense involving a material misrepresentation or an act of fraud; or
(B) another violation of state or federal criminal law;
(2) adjudicated to have committed a breach of contract; or
(3) assessed a penalty or fine of $500,000 or more in a state or federal administrative proceeding.