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23-69-410. Sanctions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-69-410. Sanctions.
(a) An insurer failing without just cause to timely file the own risk and solvency assessment summary report under this subchapter shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay, to be recovered by the Insurance Commissioner, and the penalty so recovered shall be paid into the General Revenue Fund Account of the State Apportionment Fund.
(b) The maximum penalty under this section is ten thousand dollars ($10,000).
(c) The commissioner may reduce the penalty under this section 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) · 23-69-410
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:23-69-410
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: db250bb27ff1c3b822b9070039bc39728528b220f0772cfaf7c7726618ec364a
Source location: content.xml paragraph 41484
Stored source content
23-69-410. Sanctions.
(a) An insurer failing without just cause to timely file the own risk and solvency assessment summary report under this subchapter shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100) for each day's delay, to be recovered by the Insurance Commissioner, and the penalty so recovered shall be paid into the General Revenue Fund Account of the State Apportionment Fund.
(b) The maximum penalty under this section is ten thousand dollars ($10,000).
(c) The commissioner may reduce the penalty under this section 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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