Arkansas Code § 21-5-405 - Additional Duties of Board

(a) (1) The State and Public School Life and Health Insurance Board and the Executive Director of the Employee Benefits Division of the Department of Finance and Administration shall take a risk management approach in designing the State and Public School Life and Health Insurance Program.

(2) The board shall ensure that the program, including all plan options offered under the program, is maintained on an actuarially sound basis as determined by actuarial standards established by the board.

(b) In addition to the objectives stated in § 21-5-404, the board shall:

(1) Develop uniform standards of vendor plan option funding;

(2) Promote increased access to plan options offered under the program;

(3) Promote access to vendors who will enhance plan option availability in rural Arkansas and in bordering states;

(4) (A) Use the purchasing power of the program to foster competition among vendors and providers for the plan options offered under the program.

(B) A state agency or school district that accepts state funds intended to partially defray the cost of health and life insurance for state employees or public school employees shall:

(i) Use those funds only for the program; and

(ii) Agree to rules of program participation as stated in the policies adopted by the board and as defined in the regulations and procedures issued by the Executive Director of the Employee Benefits Division of the Department of Finance and Administration, including without limitation timely eligibility reporting, prepayment of insurance premiums, actuarial adjustment for new enrollees, and any other requirements deemed necessary by the board.

(C) [Repealed.]

(5) Assure guaranteed issue;

(6) Ensure an annual enrollment period;

(7) Verify that a dependent is eligible for coverage under the program as determined by the board; and

(8) Beginning in the 2015 plan year, implement a policy applicable to a participating entity to identify funds that are not required to be paid for federal taxes under the Federal Insurance Contributions Act, 26 U.S.C. § 3101 et seq., generated from health insurance pretaxed premiums only, and use the identified funds for premium assistance.

(c) Vendors of plan options offered under the program shall provide detailed information in order to justify rate increases or inadequate performance reporting as defined by the board.

Section: Previous  21-5-402  21-5-403  21-5-404  21-5-405  21-5-406  21-5-407  21-5-408  21-5-410  21-5-411  21-5-412  21-5-414  21-5-415  21-5-416  21-5-417  Next

Last modified: November 15, 2016