The proposed bill seeks to amend the Arkansas Insurance Code, particularly focusing on the Arkansas Workers' Compensation Insurance Plan and the Arkansas Comprehensive Health Insurance Pool. Key changes include allowing the Insurance Commissioner to delegate responsibilities for the Workers' Compensation Insurance Plan with prior approval, clarifying the attorney's bond requirements for reciprocal insurers, and updating the examination frequency for hospital and medical service corporations from every three years to every five years. The bill also repeals the Comprehensive Health Insurance Pool Act, which was designed to provide health insurance alternatives for uninsurable residents, and removes various definitions and provisions related to the operational structure of the health insurance pool.

Additionally, the bill modifies the assessment process for insurers, eliminating provisions related to recoupment and the calculation of assessments based on premiums. It broadens the scope of entities subject to assessment and outlines the responsibilities of the plan administrator, including eligibility determination and claims processing. The bill also streamlines the coverage approval process by removing requirements for board approval of coverage plans and limits on premiums for individuals qualifying under portability provisions. Furthermore, it addresses the handling of preexisting conditions and establishes a timeline for winding up the Arkansas Comprehensive Health Insurance Pool operations by January 1, 2014, in compliance with federal law. Overall, the bill aims to enhance the efficiency of the Arkansas insurance regulatory framework while ensuring access to necessary health coverage.

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