Arkansas § 23-63-2008 Penalties

Arkansas Statutes

§ 23-63-2008 — Penalties

Arkansas § 23-63-2008

Title23

This text of Arkansas § 23-63-2008 (Penalties) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-63-2008 (2026).

Text

(a)An insurer failing, without just cause, to timely file the corporate governance annual disclosure as required under this subchapter shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay, payable to the Insurance Commissioner, and the penalty recovered shall be paid into the General Revenue Fund Account of the State Apportionment Fund.

(b)The maximum penalty under subsection (a) of this section is ten thousand dollars ($10,000).

(c)The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) An insurer failing, without just cause, to timely file the corporate governance annual disclosure as required under this subchapter shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay, payable to the Insurance Commissioner, and the penalty recovered shall be paid into the General Revenue Fund Account of the State Apportionment Fund. (b) The maximum penalty under subsection (a) of this section is ten thousand dollars ($10,000). (c) The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.