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 competitively select the administrator and servicing carriers 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. The bill streamlines the process by eliminating the need for annual reports to the Legislative Council and relevant Senate and House committees, focusing instead on the commissioner’s discretion to ensure compliance and effective service delivery. Overall, the amendments aim to enhance the efficiency and effectiveness of the Arkansas Workers' Compensation Insurance Plan.