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. Additionally, the bill allows the commissioner to suspend formal bidding if certain conditions are met, such as 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, such as annual performance reviews and compliance checks. The bill also eliminates the requirement for the commissioner to hold public hearings to assist in achieving the objectives of the act. Overall, the changes aim to streamline the administration of the Arkansas Workers' Compensation Insurance Plan while ensuring that competitive selection and adequate service are maintained.