The bill seeks to amend the Arkansas Insurance Code through the State Insurance Department's General Omnibus Amendment, introducing significant changes to the Arkansas Workers' Compensation Insurance Plan and the Arkansas Comprehensive Health Insurance Pool. Key modifications include allowing the Insurance Commissioner to delegate responsibilities for the establishment and operation of the Workers' Compensation Insurance Plan while maintaining their authority. The bill also clarifies the bond requirements for reciprocal insurers and changes the examination frequency for hospital and medical service corporations from every three years to every five years. Additionally, it aligns the service of process for suits involving insurers with the Arkansas Rules of Civil Procedure and repeals the Comprehensive Health Insurance Pool Act, indicating a shift in the state's health insurance strategy.

In terms of the Arkansas Comprehensive Health Insurance Pool, the bill removes various definitions and provisions related to eligibility and coverage, including terms like "Medicare" and "Qualified high-risk pool." It establishes a Board of Directors to oversee the pool's operations and outlines the responsibilities of the plan administrator, including eligibility criteria for individuals seeking coverage. The bill also streamlines the assessment process for insurers, eliminates certain financial requirements, and modifies coverage details, including the removal of maximum lifetime benefit caps and specific exclusions. Furthermore, it introduces a waiver for preexisting condition exclusions for individuals previously covered under another state's high-risk pool and sets a timeline for the pool's orderly cessation of operations by January 1, 2014, in compliance with federal law.

Statutes affected:
HB 1595: 23-67-304(e), 23-70-110(a), 23-75-114(b), 23-79-205(a)
Act 349: 23-67-304(e), 23-70-110(a), 23-75-114(b), 23-79-205(a)