(a) This part applies to all:

1. (1) Health benefit plans as defined in Arkansas Code § 23-92-503(2); and
2. (2) Healthcare payors as defined in Arkansas Code § 23-92-503(3).

(b) The requirements of this part shall not apply to:

1. (1) Federally regulated health benefit plans restricted from state regulation under federal law; or
2. (2) Those health benefit plans that are exempted from state regulation under state law.