CO| The Colorado Insurance Division has amended Regulation 4-2-97 (3 CCR 702-4) establishing the authority, form, and ongoing requirements for pharmacy benefit managers (PBMs) to register with the Colorado Division of Insurance, including initial and annual renewal filings, documentation standards, fees, review and disciplinary processes, confidentiality treatment, and enforcement provisions, with the amended version effective January 30, 2026.
- PBMs must register before doing business in Colorado and renew annually, using specified Division forms and processes, under authority granted in section 10-16-122.1, C.R.S.
- The initial and renewal applications require detailed organizational, contact, compliance, and financial information, plus an annual PBM attestation (Appendix A) submitted by July 1 each year for operating PBMs.
- Each PBM must pay a nonrefundable $2,500 fee for both initial registration and each renewal filing.
- The Division may approve, request additional information, deny, suspend, revoke, or refuse to renew a PBM registration, and may impose civil penalties or cease and desist orders for violations or unregistered activity, with hearing rights under the state administrative procedures act.
- Information submitted is subject to the Colorado Open Records Act, but PBMs may request confidential treatment via a “Confidentiality Index,” and any invalid provision of the regulation will not affect the remainder.