; and (III) be made publicly available. (iii) Conflict of interest policy The State shall establish and implement a conflict of interest policy for the DUR Board that— (I) is publicly accessible; (II) requires all board members to complete, on at least an annual basis, a disclosure of relationships, associations, and financial dealings that may affect their independence of judgement in board matters; and (III) contains clear processes, such as recusal from voting or discussion, for those members who report a conflict of interest, along with appropriate processes to address any instance where a member fails to report a conflict of interest. ; and (2) by adding at the end the following new subparagraph: (E) DUR Board membership reports (i) DUR Board reports Each State shall require the DUR Board to prepare and submit to the State an annual report on the DUR Board membership. Each such report shall include any conflicts of interest with respect to members of the DUR Board that the DUR Board recorded or was aware of during the period that is the subject of the report, and the process applied to address such conflicts of interest, in addition to any other information required by the State. (ii) Inclusion of DUR Board membership information in State reports Each annual State report to the Secretary required under subparagraph (D) shall include— (I) the number of individuals serving on the State's DUR Board; (II) the names and professions of the individuals serving on such DUR Board; (III) any conflicts of interest or recusals with respect to members of such DUR Board reported by the DUR Board or that the State was aware of during the period that is the subject of the report; and (IV) whether the State has elected for such DUR Board to serve as the committee responsible for developing a State formulary under subsection (d)(4)(A). . (b) Managed care requirements Section 1932(i) of the Social Security Act ( 42 U.S.C. 1396u–2(i) ) is amended— (1) by striking section 483.3(s)(4) and inserting section 438.3(s)(4)