N.Y. Comp. Codes R. & Regs. tit. 11 § 457.1

Current through Register Vol. 46, No. 53, December 31, 2024

Section 457.1 - Definitions

(a) As used in this Part:

(1)Control, including the terms controlling, controlled by and under common control with, means the possession direct or indirect of the power to direct or cause the direction of the management and policies of a pharmacy benefit manager, whether through the ownership of voting securities, by contract or otherwise; but no person shall be deemed to control a pharmacy benefit manager solely by reason of the person being an officer or director of such pharmacy benefit manager. Subject to subdivision (c) of section 457.2 of this Part, control shall be presumed to exist if any person directly or indirectly owns, controls or holds with the power to vote 25 percent or more of the voting securities of any pharmacy benefit manager.

(2)Person means an individual, partnership, firm, association, corporation, joint-stock company, trust, any similar entity or any combination of the foregoing acting in concert.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 457.1

Adopted New York State Register November 27, 2024/Volume XLVI, Issue 48, eff. 11/27/2024