California Health and Safety Code

§ 1385.0011

HSC § 1385.0011 Effective Jan 1, 2026Div. 2 · Ch. 2.2 · Art. 6.1

Statute text

(a)A pharmacy benefit manager shall submit to the department financial statements prepared as of the close of its fiscal year within 120 days after the close of the fiscal year. These financial statements shall be accompanied by a report, certificate, or opinion of an independent certified public accountant or independent public accountant. An audit shall be conducted in accordance with generally accepted auditing standards and the rules and regulations of the director.

(b)Within 45 days after the close of each quarter of its fiscal year, a pharmacy benefit manager shall submit its quarterly unaudited financial statement, prepared in accordance with generally accepted accounting principles and consisting of at least a balance sheet, statement of income, statement of cash flows, statement of changes in equity, and notes to financial statements as of the date and for the period specified by the director. The director may require the submission of these reports on a monthly or other periodic basis.

(c)A pharmacy benefit manager shall make special reports to the director as the director may require.

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Legislative history

Amended by Stats. 2025, Ch. 605, Sec. 4. (SB 41) Effective January 1, 2026.