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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-79-305. Fines and penalties--Violations

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) Whenever the Insurance Commissioner shall have reason to believe that any person has violated any provision of this subchapter, the commissioner shall issue and serve upon the person a statement of the alleged violations and a notice of hearing as provided by § 23-79-309.

(b) If, after a hearing, the commissioner determines that the person has violated a provision of this subchapter, the commissioner shall issue a written order which, in the commissioner's discretion, may do one (1) or more of the following:

(1) Revoke the certificate of authority of the insurer or the license of the rate service organization;

(2) Suspend the certificate of authority of the insurer or the license of the rate service organization; and

(3) Require the payment of a monetary penalty of not more than one thousand dollars ($1,000) for each violation or, if the commissioner has found willful violations, a penalty of not more than ten thousand dollars ($10,000) for each violation.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-79-305. Fines and penalties--Violations - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-79-305/

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