AHIM is governed by the Arkansas Health Insurance Marketplace Board of Directors. Members of the AHIM Board are appointed by the Governor, President Pro Tempore of the Senate and the Speaker of the House of Representatives. The AHIM Board reports to the Arkansas Health Insurance Marketplace Legislative Oversight Committee.
In September 2014, the AHIM Board voted to operate a state-run Small Business Health Options Program (SHOP) in 2015 for coverage beginning January 1, 2016. The Board also voted to operate an individual market state-run health insurance exchange in 2016 for coverage beginning January 1, 2017.