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23-81-816. Penalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-816. Penalties.
(a) It is a violation of this subchapter for any person, provider, broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act.
(b) For criminal liability purposes, a person that commits a fraudulent life settlement act is guilty of committing insurance fraud and shall be subject to the penalty provisions under § 23-66-512.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-816
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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Stable record: arkansas_code:legal_authorities:23-81-816
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 267d1427a36f0e84ed9a6f4ae4e4d2170c87cf9ea14b25c4a87cd30cecaa0223
Source location: content.xml paragraph 50041
Stored source content
23-81-816. Penalties.
(a) It is a violation of this subchapter for any person, provider, broker, or any other party related to the business of life settlements to commit a fraudulent life settlement act.
(b) For criminal liability purposes, a person that commits a fraudulent life settlement act is guilty of committing insurance fraud and shall be subject to the penalty provisions under § 23-66-512.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-66-512. Penalties.
A person who violates this subchapter is subject to the following:
(1)(A) Suspension or revocation of license, civil penalties of up to ten thousand dollars ($10,000) per violation, or both.
(B) Suspension or revocation of license and imposition of civil penalties shall be pursuant to an order of the Insurance Commissioner issued under § 23-61-301 et seq.
(C) The commissioner's order may require a person found to be in violation of this subchapter to make restitution to persons aggrieved by violations of this subchapter;
(2)(A) A person convicted of a violation of § 23-66-502 by a court of competent jurisdiction shall be guilty of a Class D felony.
(B) A person convicted of a violation of § 23-66-502 shall be ordered to pay restitution to persons aggrieved by the violation of this subchapter.
(C) Restitution shall be ordered in addition to a fine or imprisonment; and
(3) A person convicted of a felony violation of this subchapter pursuant to subdivision (2) of this section shall be disqualified from engaging in the business of insurance.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-66-512
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 23-66-512. This identifies an authority to review, not proof of applicability.