(1) This subchapter shall apply to any health insurance policy that is delivered, issued for delivery, renewed, extended, or modified in this state on or after August 1, 1997.
(2) If a health insurance policy provides coverage or benefits to an Arkansas resident, the health insurance policy shall be deemed to be delivered in this state within the meaning of this subchapter, regardless of whether the healthcare insurer or other entity that provides the coverage is located within or outside of Arkansas.