The bill amends the Arkansas Workers' Compensation Insurance Plan by revising the reporting requirements and the administration and selection process for the plan's administrator and servicing carriers. It mandates that the Insurance Commissioner must make a good faith effort to ensure competitive selection of these entities at least every three years. The selection process will consider various factors, including cost, financial stability, operational capabilities, and service records, to ensure effective plan operation.

Additionally, the bill allows the commissioner to suspend formal bidding for the administrator if certain conditions are met, such as satisfactory performance improvements and adequate service provision to Arkansas employers. It emphasizes the importance of coverage for employees working temporarily in other states and requires that the administrator maintain an office in Arkansas with sufficient staff to serve local employers effectively. The bill also removes previous requirements for annual reporting to legislative committees, streamlining the oversight process.