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23-63-2008. Penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-2008. Penalties.
(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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-2008
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.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-63-2008
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e4b9242cec37c8b4a7def1e1f44f35fc214dc0613490645bde21c961d0be205a
Source location: content.xml paragraph 34751
Stored source content
23-63-2008. Penalties.
(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.
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