HB1508 Summary

• Establishes the Arkansas Health Insurance Marketplace as a nonprofit political subdivision to operate a state-based health insurance exchange, effective July 1, 2015, pending federal approval.

• Creates a 13-member Board of Directors (appointed by Governor, Senate President Pro Tempore, and House Speaker) to oversee marketplace operations, plan administration, and establish qualified health plans.

• Requires health insurers participating in the marketplace to pay assessments and user fees for operational costs, with offsets allowed against premium taxes and penalties for late payment capped at 10%.

• Establishes a Legislative Oversight Committee (6 House, 6 Senate members) to review marketplace rules, policies, and financial reports, with quarterly meetings and annual reporting requirements.

• Exempts the marketplace from state procurement laws, administrative procedure requirements (except notice and public comment provisions), and most state regulations while maintaining Insurance Commissioner authority over health insurers.