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 ensure competitive selection of these entities at least every three years, taking into account factors such as cost, financial stability, operational capabilities, and service records. Additionally, the bill allows the commissioner to suspend formal bidding if certain conditions are met, including satisfactory performance improvements and adequate coverage for Arkansas employers and their employees working in other states.

Significant deletions from the current law include the removal of specific reporting requirements that the commissioner previously had to fulfill regarding plan operations and performance reviews. The bill also eliminates the obligation for the commissioner to hold public hearings to assist in achieving the act's objectives. Overall, the changes aim to streamline the selection process and enhance the efficiency of the Arkansas Workers' Compensation Insurance Plan while ensuring that the needs of Arkansas employers and employees are adequately met.