Amends the Illinois Insurance Code. Provides that the Third Party Prescription Program Act does not apply to pharmacy benefits managers. Creates the Pharmacy Benefits Managers Article in the Code. Requires all pharmacy benefits managers doing business in the State to register with the Director of Insurance. Includes provisions on applications for registration, discipline of registered pharmacy benefits managers, examinations, fines, multi-source generic lists, reimbursements, restricted pharmacy fees, audits, and review by the Director.