(a)  An insurer that offers insureds a restricted pharmacy network shall, in soliciting, arranging, competitively bidding, contracting for, and operating that network, comply with the following requirements for the purpose of promoting fair and competitive bidding, regardless of when the restricted pharmacy network was established:

(1)  Conduct and complete an open bidding process before March 1, 2005, and at least once every three (3) years thereafter;

(2)  Provide notice to eligible bidders of the insurer’s intent to solicit bids for participation in a restricted pharmacy network;

(3)  Inform eligible bidders of the date such bids will be solicited;

(4)  Provide eligible bidders with information on an identical, equal, and uniform basis, including, but not limited to, bid procedure information, financial and utilization information needed to make an informed competitive bid, criteria to be used in awarding a restricted pharmacy network contract, and proposed contractual requirements for the restricted pharmacy network;

(5)  Provide eligible bidders with at least thirty (30) days to prepare and submit bids between the bid solicitation date and the bid submission deadline;

(6)  Open all bids:

(i)  At a previously specified time, which shall not be more than thirty (30) days after the bid submission deadline; and

(ii)  In a public manner, provided, that certain information contained in the bids may be held as confidential from public review consistent with regulations promulgated by the director regarding the disclosure of proprietary data or information submitted by any bidders; and

(7)  Select a successful bidder using solely the criteria provided to eligible bidders pursuant to subsection (a)(4), applied in a uniform manner.

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(b)  An insurer shall neither exclude nor favor any individual pharmacy, or group or class of pharmacies, in the design of a competitive bid involving restricted or nonrestricted pharmacy networks in compliance with the requirements of this section. An entity and its affiliates that assists an insurer in the development of the bid, design, bid specifications or the bid process, or assists in the review or evaluation of said bids, shall be prohibited from bidding on such a contract.