Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-63-529. Certain acquisitions--Insurance Commissioner's order

(a)(1) If an acquisition violates the standards of §§ 23-63-525 -- 23-63-528, the Insurance Commissioner may enter an order:

(2) Such an order shall not be entered unless there is a hearing, and notice of the hearing is issued prior to the end of the waiting period and not less than ten (10) days prior to the hearing, and the hearing is concluded and the order is issued no later than sixty (60) days after the end of the waiting period. Every order shall be accompanied by a written decision of the commissioner setting forth his or her findings of fact and conclusions of law.

(3) An order entered under this subsection shall not become final earlier than thirty (30) days after it is issued during which time the involved insurer may submit a plan to remedy the anticompetitive impact of the acquisition within a reasonable time. Based upon such a plan or other information, the commissioner shall specify the conditions, if any, under the time period during which the aspects of the acquisition causing a violation of the standards of §§ 23-63-525 -- 23-63-528 would be remedied and the order vacated and modified.

(4) An order pursuant to this subsection shall not apply if the acquisition is not consummated.

(1) A monetary penalty of not more than ten thousand dollars ($10,000) for every day of violation; and

(2) Suspension or revocation of the person's license.