(a) Two-year and four-year public institutions of higher education may provide workers' compensation coverage through private carriers, municipal self-funding groups, or one (1) or more self-funded entities or groups.
(b) Self-funding groups established for this purpose shall meet the following requirements:
(1) Any group established to provide coverage to public institutions of higher education only shall offer coverage to any two-year or four-year public institution of higher education in the state that applies for coverage;
(2)
(A) Any group established to provide workers' compensation coverage to public institutions of higher education shall offer coverage at rates promulgated by the Workers' Compensation Commission.
(B) Premiums for public institutions of higher education participating in any group shall be revised annually based on the loss experience of the particular institution of higher education or group of public institutions of higher education.
(C) Each board governing a self-funding group shall be permitted to declare dividends or to give credits against renewal premiums based on annual loss experience and subject to commission approval;
(3) Any self-funding group of participating public institutions of higher education shall be subject to the regulations of the commission applicable to self-insured groups or providers;
(4)
(A) All self-funded groups shall obtain excess reinsurance from an admitted or approved insurance company doing business in Arkansas.
(B) In lieu of the reinsurance requirements in subdivision (b)(4)(A) of this section, any self-funded group under this section with one million five hundred thousand dollars ($1,500,000) or more in annually collected premiums may provide excess reserves of twenty percent (20%) of annual premiums by any one (1) of the following ways:
(i) Cash or certificates of deposit in Arkansas banks; or
(ii) Letters of credit from an Arkansas bank; and
(5) Two-year and four-year public institutions of higher education shall not be required to enter into an indemnity agreement binding them jointly and severally.
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