(a)Whenever it appears to the Insurance Commissioner that any insurer or any director, officer, employee, or agent of the insurer has committed a willful violation of this subchapter, the commissioner may cause criminal proceedings to be instituted in the circuit court for the county in which the principal office of the insurer is located or, if the insurer has no office in the state, then by the Pulaski County Circuit Court, against the insurer or the responsible director, officer, employee, or agent of the insurer.
(b)(1) Any insurer that willfully violates this subchapter shall be fined not more than ten thousand dollars ($10,000).
(2)Any individual who willfully violates this subchapter shall be fined not more than three thousand dollars ($3,000). If the willful violation involves t
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(a) Whenever it appears to the Insurance Commissioner that any insurer or any director, officer, employee, or agent of the insurer has committed a willful violation of this subchapter, the commissioner may cause criminal proceedings to be instituted in the circuit court for the county in which the principal office of the insurer is located or, if the insurer has no office in the state, then by the Pulaski County Circuit Court, against the insurer or the responsible director, officer, employee, or agent of the insurer. (b) (1) Any insurer that willfully violates this subchapter shall be fined not more than ten thousand dollars ($10,000). (2) Any individual who willfully violates this subchapter shall be fined not more than three thousand dollars ($3,000). If the willful violation involves the deliberate perpetration of a fraud upon the commissioner, the individual shall be guilty of a Class D felony. (c) Any officer, director, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the purpose to deceive the commissioner in the performance of his or her duties under this subchapter, shall be guilty of a Class D felony. Any fines imposed shall be paid by the officer, director, or employee in his or her individual capacity. (d) (1) Any insurer failing, without just cause, to file any registration statement as required in this subchapter shall be required after notice and hearing to pay a penalty of two hundred dollars ($200) for each day's delay, to be recovered by the commissioner, if necessary, by a civil suit therefor brought by the commissioner in the Pulaski County Circuit Court. (2) The commissioner may reduce the penalty provided in this subsection if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. (e) (1) Every director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly shall permit any of the officers or agents of the insurer to engage in transactions or make investments that have not been properly reported or submitted pursuant to §§ 23-63-506 - 23-63-513 or which violate this subchapter, shall pay in their individual capacity a civil penalty of not more than five thousand dollars ($5,000) per violation, after notice and hearing before the commissioner. (2) In determining the amount of the civil penalty, the commissioner shall take into account the appropriateness of the forfeiture with respect to the gravity of the violation, the history of previous violations, and such other matters as justice may require. (f) (1) Whenever it appears to the commissioner that any insurer subject to this subchapter or any director, officer, employee, or agent thereof has engaged in any transaction or entered into a contract that is subject to § 23-63-515 and which would not have been approved had such approval been requested, the commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract. (2) After notice and hearing, the commissioner may also order the insurer to void any such contracts and restore the status quo if such an action is in the best interest of the policyholders, creditors, or the public.