The purpose of this chapter is to establish the factors the Commissioner shall consider when approving an accrediting organization for the purposes of Insurance Article, §15-1618, Annotated Code of Maryland. In this chapter, the following terms have the meanings indicated. Terms Defined. “Accrediting organization” means an entity that accredits a pharmacy benefits manager. “Applicant” means a pharmacy benefits manager that is applying for a registration from the Commissioner to act as a pharmacy benefits manager in Maryland. “Commissioner” means the Maryland Insurance Commissioner. “Pharmacy and therapeutics committee” has the meaning stated in Insurance Article, §15-1601, Annotated Code of Maryland. “Pharmacy benefits manager” has the meaning stated in Insurance Article, §15-1601, Annotated Code of Maryland. An accrediting organization is not an approved accrediting organization for the purposes of Insurance Article, §15-601, Annotated Code of Maryland, until the Commissioner issues a letter of approval to the accrediting organization. For the purpose of determining which entities are approved accrediting organizations, the Commissioner shall consider whether: The accreditation standards required to be met for accreditation by the accrediting organization meet or exceed the requirements of Insurance Article, §§15-1614 and 15-1617, Annotated Code of Maryland; The accrediting organization measures an applicant's pharmacy and therapeutics committee's ability to meet each standard; and The accrediting organization agrees to notify the Commissioner at least 30 days in advance if it revises its accreditation standards that pertain to a pharmacy and therapeutics committee or changes the method in which it reviews a pharmacy and therapeutics committee of an applicant. An accrediting organization continues to be approved by the Commissioner until notified in writing by the Commissioner that its approval has been withdrawn. Insurance Article, §§2-109, 15-1618, and 15-1619, Annotated Code of Maryland Effective date: May 4, 2009 (36:9 Md. R. 654)