AR SB693

Abolishes the State and Public School Life and Health Insurance Board and transfers all duties, powers, and functions to the State Board of Finance effective upon the Governor's approval

Transfers administrative functions, statutory authority, records, personnel, and unexpended appropriations from the Department of Transformation and Shared Services to the State Board of Finance, while employees remain with the department

Requires all commitments and decisions regarding plan design, benefits, premiums, and cost-containment measures for plans effective January 1, 2022 or later to be submitted to the Legislative Council for approval before implementation

Amends multiple Arkansas Code sections to replace references to the State and Public School Life and Health Insurance Board with the State Board of Finance throughout state insurance law and regulations

Declares an emergency effective immediately upon Governor's approval to preserve financial health of the state employee and public school insurance program with no disruption to vital employee benefits