Arkansas § 23-67-205 Penalties

Arkansas Statutes

§ 23-67-205 — Penalties

(a)Whenever the Insurance Commissioner shall have reason to believe that any person has violated any provision of this chapter, he or she shall issue and serve upon the person a statement of the alleged violations and a notice of hearing as provided by § 23-67-221 [repealed].

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

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

(2)Suspend the certificate of authority of the insurer or the license of the advisory organization; or (3) Require the payment of a monetary penalty of not more than one thousand dollars ($1,

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(a) Whenever the Insurance Commissioner shall have reason to believe that any person has violated any provision of this chapter, he or she shall issue and serve upon the person a statement of the alleged violations and a notice of hearing as provided by § 23-67-221 [repealed]. (b) If, after a hearing, the commissioner determines that the person has violated a provision of this chapter, the commissioner shall issue a written order which, in his or her discretion, may do one (1) or more of the following: (1) Revoke the certificate of authority of the insurer or the license of the advisory organization; (2) Suspend the certificate of authority of the insurer or the license of the advisory organization; or (3) Require the payment of a monetary penalty of not more than one thousand dollars ($1,000) for each violation or a penalty of not more than ten thousand dollars ($10,000) for each violation if the commissioner has found willful violations.

Arkansas § 23-67-205 (Penalties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.