Browse Arkansas Code titles and sections
23-62-412. Penalties and liabilities.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-62-412. Penalties and liabilities.
(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 subject to judicial review pursuant to § 23-61-307.
(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance law.
(d) Nothing contained in this subchapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties, or confer any rights to those persons.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-412
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-62-412
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4fb7da5afcafe57d10c9dbf04ea2fc7219f4ae7cd17bb26f2c05b7a9d976a627
Source location: content.xml paragraph 30682
Stored source content
23-62-412. Penalties and liabilities.
(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 subject to judicial review pursuant to § 23-61-307.
(c) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance law.
(d) Nothing contained in this subchapter is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties, or confer any rights to those persons.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-301. Examination, investigation, or hearing — Witnesses and evidence.
(a) With respect to the subject of any examination, investigation, or hearing being conducted by the Insurance Commissioner, the commissioner may subpoena witnesses and administer oaths or affirmations and examine any individual under oath and may require and compel the production of records, books, papers, contracts, and other documents.
(b)(1) Witness fees and mileage shall not be allowed as to any licensee of the commissioner.
(2) Witness fees and mileage of persons or entities not licensees of the commissioner, if claimed, shall be allowed the same as for testimony in a circuit court. Provided, however, that such a claim must be made at the time, date, and place of the hearing to which the person or entity has been summoned, and the amount thereof shall be processed in the same manner as are State Insurance Department employees' requests for expense reimbursement from the State of Arkansas.
(3) Witness fees, mileage, and the actual expense necessarily incurred in securing attendance of witnesses and their testimony shall be itemized and shall be paid by the person being examined or investigated if, in the proceedings in which the witness is called, the person is found to have been in violation of the law, or paid by the person, if other than the commissioner, at whose request the hearing is held.
(c)(1) Subpoenas of witnesses shall be served in the same manner as if issued by a circuit court and may be served by certified mail.
(2) If any individual fails to obey a subpoena issued and served pursuant to this section with respect to any matter concerning which he or she may be lawfully interrogated, upon application of the commissioner, the circuit court of the county in which is
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-301
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-61-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-307. Hearing — Appeal.
(a) An appeal from the Insurance Commissioner shall be taken only from an order on hearing or with respect to a matter as to which the commissioner has refused or failed to grant or hold a hearing after demand therefor under § 23-61-303 or as to a matter as to which the commissioner has refused or failed to make his or her order on hearing as required by § 23-61-306.
(b) Any person who was a party to the hearing, or whose pecuniary interests are directly and immediately affected by the refusal or failure to grant a hearing, and who is aggrieved by the order, refusal, or failure may appeal from the order on hearing or as to any such matter within thirty (30) days after:
(1) The order on hearing has been mailed or delivered to the persons entitled to receive it;
(2) The commissioner's order denying rehearing or reargument has been so mailed or delivered;
(3) The commissioner has refused or failed to make his or her order on hearing as required under § 23-61-306; or
(4) The commissioner has refused or failed to grant or hold a hearing as required under § 23-61-303.
(c) The appeal shall be granted as a matter of right and shall be taken to the Pulaski County Circuit Court by filing written notice of appeal in the court and by filing a copy of the notice with the commissioner, except that, in appeals from the refusal, suspension, or revocation of the license of an agent, broker, solicitor, or surplus line broker, the person taking the appeal may at his or her option take the appeal to the circuit court of the county in which the person resides instead of to the Pulaski County Circuit Court.
(d) Upon filing of the notice of appeal therein, the court shall have full jurisdiction and shall determine whether the filing shall operate a
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-307
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-61-307. This identifies an authority to review, not proof of applicability.