WEST VIRGINIA CODE
WVC 5 - 16 C- 2
As used in this article:
(1) "Audit" means a systematic examination and collection of
sufficient, competent evidential matter needed for an auditor to
attest to the fairness of management's assertions in the financial
statements and to evaluate whether management has sufficiently and
effectively carried out its responsibilities and complied with
applicable laws and regulations, conducted by an independent
certified public accountant in accordance with the applicable
statement on standards: Provided, That the report shall include an
incurred-but-not-reported calculation, where available.
(2) "Director" means the director of the public employees
insurance agency created under article sixteen of this chapter.
(3) "Finance board" means the public employees insurance
agency finance board created in section four, article sixteen of
(4) "Pharmacy benefit manager" means an entity that procures
prescription drugs at a negotiated rate under a contract and which
may serve as a third party prescription drug benefit administrator.
(5) "Prescription drug purchasing agreement" means a written
agreement to pool all parties' prescription drug buying power in
order to negotiate the best possible prices and which delegates
authority to negotiate on behalf of the parties to the director.
(6) "Prescription drugs" mean substances recognized as drugs
in the official "United States Pharmacopoeia, official Homeopathic Pharmacopoeia of the United States or National Formulary", or any
supplement thereto, dispensed pursuant to a prescription issued by
an authorized health care practitioner, for use in the diagnosis,
cure, mitigation, treatment or prevention of disease in a human, as
well as prescription drug delivery systems, testing kits and
Note: WV Code updated with legislation passed through the 2015 Regular Session
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