Arkansas Statutes
§ 23-62-412 — Penalties and liabilities
Arkansas·Title 23
(a)A reinsurance intermediary, insurer, or reinsurer found by the Insurance Commissioner, after a hearing conducted in accordance with §§ 23-61-301 - 23-61-307 , to be in violation of any provision of this subchapter shall:
(1)For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000);
(2)Be subject to revocation or suspension of its license; and (3) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation.
(b)The decision, determination, or order of the commissioner pursuant to subsection (a) of this section shall be sub
Free access — add to your briefcase to read the full text and ask questions with AI
Arkansas § 23-62-412 (Penalties and liabilities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Acts 1993, No. 527, § 1.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
Citizens band radio equipment