(a) Requirement to be newly formed and organized.

1. (1) Unless currently authorized or licensed by the State Insurance Department as a carrier as defined in Arkansas Code § 20-77-2703(4), no risk-based provider organization (RBPO) shall transact business in this state under the Organized Care Act Program unless authorized by a subsisting certificate of authority issued to it by the Insurance Commissioner.
2. (2) Unless currently authorized or licensed by the department as a carrier as defined in Arkansas Code § 20-77-2703(4), no RBPO shall be granted a certificate of authority unless it is newly formed and organized for the purpose of its participation in the Organized Care Act Program.

(b) Entity type.

1. (1) The business organization form of an RBPO may be any organization type that permits a valid certificate of authority to be issued to it by the Secretary of State.
2. (2) The RBPO must obtain and maintain a valid certificate of authority issued by the Secretary of State.