§5-16C-2. Definitions


Published: 2015

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WEST VIRGINIA CODE











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WVC 5 - 16 C- 2

§5-16C-2. Definitions.

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

this chapter.

(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

related supplies.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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