(a) There is created a nonprofit legal entity to be known as the "Arkansas Comprehensive Health Insurance Pool" as the successor entity to the nonprofit legal entity established by Acts 1995, No. 1339.

(b)

(1) The pool shall operate subject to the supervision and control of the Board of Directors of the Arkansas Comprehensive Health Insurance Pool. The pool is created as a political subdivision, instrumentality, and body politic of the State of Arkansas, and, as such, is not a state agency.

(2) Except to the extent defined in this subchapter, the pool will be exempt from:

(A) All state, county, and local taxes;

(B) The Arkansas Procurement Law, § 19-11-201 et seq.;

(C) The Freedom of Information Act of 1967, § 25-19-101 et seq.; and

(D) The Arkansas Administrative Procedure Act, § 25-15-201 et seq.

(3) The board shall consist of the following seven (7) members to be appointed by the Insurance Commissioner:

(A) Two (2) current or former representatives of insurance companies licensed to do business in the State of Arkansas;

(B) Two (2) current or former representatives of health maintenance organizations licensed to do business in the State of Arkansas;

(C) One (1) member of a health-related profession licensed in the State of Arkansas;

(D) One (1) member from the general public who is not associated with the medical profession, a hospital, or an insurer; and

(E) One (1) member to represent a group considered to be uninsurable.

(4) In making appointments to the board, the commissioner shall strive to ensure that at least one (1) person serving on the board is at least sixty (60) years of age.

(5) All terms shall be for three (3) years.

(6) The board shall elect one (1) of its members as chair.

(7) Any vacancy in the board occurring for any reason other than the expiration of a term shall be filled for the unexpired term in the same manner as the original appointment.

(8) Members of the board may be reimbursed from moneys of the pool for actual and necessary expenses incurred by them in the performance of their official duties as members of the board but shall not otherwise be compensated for their services.

(c) All insurers, as a condition of doing business in the State of Arkansas, shall participate in the pool by paying the assessments, submitting the reports, and providing the information required by the board or the commissioner to implement the provisions of this subchapter.

(d)

(1) Neither the board nor its employees shall be liable for any obligations of the pool.

(2) No board member or employee of the board shall be liable, and no cause of action of any nature may arise against them, for any act or omission related to the performance of their powers and duties under this subchapter.

(3) The board may provide in its bylaws or rules for indemnification of, and legal representation for, the board members and employees.