(a)

(1) The Arkansas Comprehensive Health Insurance Pool shall cease enrollment and coverage under the plan on and after January 1, 2014, as required by federal law.

(2) After taking all reasonable steps, including those specified in this section, to timely and efficiently assist in the transition of individuals receiving plan coverage to the individual health insurance market, the Board of Directors of the Arkansas Comprehensive Health Insurance Pool shall cease operating the pool after paying health insurance claims for plan coverage and meeting all other obligations of the board under this section.

(b) The board may take all actions it deems necessary to:

(1) Cease enrollment for plan coverage effective December 1, 2013;

(2)

(A) Terminate all existing plan coverage effective at the end of the calendar day on December 31, 2013.

(B) The board shall provide at least ninety (90) days notice to current policyholders of the termination; and

(3) Amend plan policies and provide adequate notice to policyholders, agents, and providers that to be paid or reimbursed, a claim for plan services is required to be filed by the earlier of one hundred eighty (180) days after plan coverage ends or three hundred sixty-five (365) days after the date of service giving rise to the claim.

(c) This section does not require the board to revise plan benefits to comply with federal law or to maintain plan coverage for any individual after December 31, 2013.

(d)

(1) After all plan coverage terminates under this section, the board shall take reasonable steps to wind up all significant operations of the pool by December 31, 2014.

(2) Notwithstanding any other provision of this subchapter, to facilitate an efficient cessation of operations:

(A) The board may continue to use existing contractors until cessation of operations without the need to issue competitive requests for proposals;

(B) The board may continue to fund operations of this subchapter under § 23-79-507;

(C) The board shall remain in effect:

(i) As provided by § 23-79-504(b); and

(ii) Until a judgment, order, or decree in any action, suit, or proceeding commenced against or by the pool is fully executed; and

(D)

(i) The term of each current board member shall be extended until the date the pool concludes all business as provided under this section and the Insurance Commissioner certifies the cessations of operations under subsection (g) of this section.

(ii) The term of a board member expires when the commissioner certifies the cessations of operations under subsection (g) of this section.

(e) On or before June 30, 2013, the board shall amend the plan of operation to reflect the actions necessary to implement this section.

(f) If the board has excess funds after the cessation of operations of the pool, the funds shall be returned to the general revenue funds of the state.

(g)

(1) On or before March 1, 2016, or a later date if necessary to complete the cessation of operations of the pool, the board shall file a report with the General Assembly and commissioner that reflects completion of the requirements of this section and includes an independent auditor's report on the financial statements of the pool.

(2) If satisfied upon review of the report that the board has complied with this section and accomplished the pool's cessation of operations in a reasonable manner, the commissioner shall certify that the business of the pool has concluded in accordance with this section and publish the certification on the State Insurance Department website.

(h) Upon certification under subsection (g) of this section, the operations of the pool are suspended indefinitely unless reactivated by the General Assembly.

(i) The commissioner may address any matters regarding the pool arising after the certification under subsection (g) of this section, and the Attorney General shall defend a legal action filed after the certification, including seeking the dismissal of the action under § 23-79-516 or for any other purpose.

(j) Unless inconsistent with this section, the remainder of this subchapter continues to apply to the pool and the board.