AR HR1008

Establishes the State Board of Finance as the permanent governing entity for the State and Public School Life and Health Insurance Program, with the Insurance Commissioner serving as a voting member only on health benefit plan decisions.

Creates two advisory commissions: the Public School Employee Health Benefit Advisory Commission and the State Employee Health Benefit Advisory Commission, each composed of three governor-appointed members with insurance/actuarial expertise, one active employee, and one retired employee.

Requires both commissions to meet monthly with minimum 12 annual meetings, provide input and recommendations on health benefit options, review formulary management and medical policies, and make initial recommendations to the State Board of Finance by January 31, 2023.

Compensates each appointed commission member with a $500 monthly stipend plus mileage reimbursement and establishes procedures for member appointment, removal for excessive absences, and three-year terms with unlimited reappointment.

Declares an emergency due to inadequacy of the current program in providing sustainable, affordable health benefits, making the act effective upon gubernatorial approval or expiration of the veto period.