N.Y. State Finance Law 99-OO – Pharmacy benefit manager regulatory fund
§ 99-oo. Pharmacy benefit manager regulatory fund. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a special fund to be known as the "pharmacy benefit manager (PBM) regulatory fund".
Terms Used In N.Y. State Finance Law 99-OO
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Statute: A law passed by a legislature.
2. Money allocated to the PBM regulatory fund shall be kept separate and shall not be commingled with any other funds in the custody of the state comptroller.
3. Such fund shall consist of money received by the state as fees under Article 29 of the insurance law or penalties ordered under Article 29 of the insurance law and all other monies appropriated, credited, or transferred thereto from any other fund or source pursuant to law. All monies shall remain in such fund unless and until directed by statute or appropriation.