The purpose of this part is to implement Arkansas Code § 23-86-115, so as to provide minimum standards for policies, certificates, or contracts, hereinafter referred to as "the converted policy", issued pursuant to a conversion privilege under a policy or contract of group insurance, including, but not limited to, group policies issued by:

1. (1) Insurance companies;
2. (2) Hospital and medical service corporations;
3. (3) Health maintenance organizations;
4. (4) Certificates of fraternal benefit societies; and
5. (5) Self-insurers not excluded from the jurisdiction of the State Insurance Department by Arkansas Code § 23-61-501 et seq.