AR SB362

Amends Arkansas Code § 23-60-104 to exempt health care sharing ministries from Arkansas Insurance Code regulations and rules promulgated by the Insurance Commissioner.

Defines "health care sharing ministry" as a faith-based, nonprofit organization that is tax-exempt under the Internal Revenue Code, limits participation to members of similar faith, and facilitates matching of participants with financial or medical needs to those able to assist.

Requires health care sharing ministries to establish contribution amounts with no guarantee of return, provide written monthly statements listing total qualified needs and contribution amounts, and include a specific written disclaimer that participation is not insurance and participants are not compelled to contribute.

Mandates that ministries transfer or distribute contributions from one participant to match qualified medical needs of another participant without organizational obligation to pay medical needs with its own funds.

Amends Arkansas Code § 23-76-103 to exclude health care sharing ministries from hospital and medical service corporation insurance laws.