Oklahoma Pharmacy Benefit Manager (PBM) Bond
Oklahoma is one of the only states that scales its PBM bond to your size, so before you can quote it you need to know exactly where you land. The Oklahoma Insurance Department sets the amount on a six-tier schedule tied to the number of Oklahoma covered lives you serve, running from $50,000 at the low end to $1,000,000 at the top. We can confirm your tier and get you bonded. Surety Bond Authority has been writing surety bonds since 1971. For how PBM bonds work generally, see our pharmacy benefit manager bond overview.
If you already know your Oklahoma covered-life count, call us at 800-333-7800 or request a free quote online and we will pin down the amount.
Oklahoma's PBM Bond Amount Schedule
Under Oklahoma Administrative Code 365:25-29-6, the bond amount steps up with your covered lives:
| Oklahoma covered lives | Bond amount |
|---|---|
| Not more than 5,000 | $50,000 |
| 5,001 to 10,000 | $100,000 |
| 10,001 to 25,000 | $250,000 |
| 25,001 to 50,000 | $500,000 |
| 50,001 to 100,000 | $750,000 |
| More than 100,000 | $1,000,000 |
The count that matters is Oklahoma covered lives, not your national book, so a large national PBM with a modest Oklahoma footprint can land in a lower tier than you might expect. If you are close to a breakpoint, it is worth confirming the number before you file, because it moves the bond amount to the next tier.
What the Oklahoma PBM Bond Guarantees
The bond secures the PBM's conformity with the laws and regulations governing pharmacy benefit managers in Oklahoma, and it runs to the benefit of the parties protected under 59 O.S. sections 357 to 360 and 36 O.S. sections 6958 to 6968. In plain terms, it backs your compliance with the state's PBM rules and gives protected parties a way to recover if you fall short. No party may cancel the bond without first giving 30 days' written notice to both the principal and the Insurance Commissioner, so it is designed to stay continuously in force while you are licensed.
Cost and Underwriting
The bond amount is what the state requires; your premium is a fraction of it. On the lower tiers, underwriting is straightforward. As you move up toward the $750,000 and $1,000,000 tiers, expect the surety to review financial statements, with collateral a possibility on the largest amounts. Call us at 800-333-7800 and we will shop your bond across our carriers for the best available terms. Premiums are paid annually.
How to Get Your Oklahoma PBM Bond
- Confirm your tier. Tell us your Oklahoma covered lives and we will match it to the schedule above.
- Apply, with financials on the larger tiers. The bigger the bond, the more the surety looks at your financial strength.
- We shop and quote, flagging any collateral upfront.
- We issue on the state's form so you can file it and complete your license.
The bond rule is OAC 365:25-29-6, and licensing is handled by the Oklahoma Insurance Department.
Frequently Asked Questions
How is my Oklahoma PBM bond amount decided?
By your Oklahoma covered lives, on a six-tier scale from $50,000 (up to 5,000 lives) to $1,000,000 (more than 100,000 lives). See the table above.
Does the count include my out-of-state members?
No. The schedule is based on Oklahoma covered lives, so your national totals do not drive the tier.
What does the bond guarantee?
Conformity with Oklahoma's PBM laws and regulations, for the benefit of the parties protected under 59 O.S. 357-360 and 36 O.S. 6958-6968.
How is it canceled?
No party can cancel without giving 30 days' written notice to the principal and the Insurance Commissioner.
What will it cost me?
A fraction of your required amount, depending on the tier and your financials. Call 800-333-7800 for a quote.
Get Your Oklahoma PBM Bond Today
Whether you land at the $50,000 tier or the full $1,000,000, we will confirm the amount and get you bonded. Call us at 800-333-7800 or contact us for a free quote.
