Arkansas § 23-63-529 Acquisitions involving insurers not otherwise covered - Orders and penalties

Arkansas Statutes

§ 23-63-529 — Acquisitions involving insurers not otherwise covered - Orders and penalties

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

(A)Requiring an involved insurer to cease and desist from doing business in this state with respect to the line or lines of insurance involved in the violation; or (B) Denying the application of an acquired or acquiring insurer for a license to do business in this state.

(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 for

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(a) (1) If an acquisition violates the standards of §§ 23-63-525 - 23-63-528 , the Insurance Commissioner may enter an order: (A) Requiring an involved insurer to cease and desist from doing business in this state with respect to the line or lines of insurance involved in the violation; or (B) Denying the application of an acquired or acquiring insurer for a license to do business in this state. (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. (b) Any person who violates a cease and desist order of the commissioner under subsection (a) of this section and while such an order is in effect may after notice and hearing and upon order of the commissioner be subject at the discretion of the commissioner to any one (1) or more of the following: (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. (c) Any insurer or other person who fails to make any filing required by §§ 23-63-525 - 23-63-528 and who fails to demonstrate a good faith effort to comply with any such filing requirement shall be subject to a fine of not more than fifty thousand dollars ($50,000).

Arkansas § 23-63-529 (Acquisitions involving insurers not otherwise covered - Orders and penalties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.