(1) Beginning January 1, 2017, and thereafter, to conduct business in this state, pharmacy benefit managers must register with the commissioner and must annually renew the registration.

(2) Pharmacy benefit managers must register using the commissioner's electronic system, which is available at www.insurance.wa.gov.

(3) The registration period is valid from the date of registration through June 30th of the same fiscal year.

(4) The registration is not complete until the commissioner receives both the complete registration form and the correct registration fee.