2010 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 3 - Insurance
Chapter 65 - Unauthorized Insurers and Surplus Lines
Subchapter 3 - Surplus Lines Insurance
§ 23-65-316 - Penalty for failure to file annual statement or remit tax.

23-65-316. Penalty for failure to file annual statement or remit tax.

(a) (1) If any surplus lines broker fails to file his or her annual statement by March 1, he or she shall be liable for a fine of fifty dollars ($50.00) for each day of delinquency commencing with March 1.

(2) For good cause shown and after a written request, the Insurance Commissioner may grant a reasonable extension of time within which the statement may be filed.

(3) The fine may be recovered by an action instituted by the commissioner in any court of competent jurisdiction.

(4) The commissioner shall pay to the Treasurer of State any fine so collected.

(b) (1) If any surplus lines broker fails to remit the tax as provided by law when the tax is due, the surplus lines broker shall be liable for a fine of fifty dollars ($50.00) for each day of delinquency commencing with the sixty-first day after the end of the month in which surplus lines insurance was procured.

(2) However, for good cause shown, the commissioner after a written request may grant a reasonable extension of time within which the tax may be paid.

(3) The tax may be collected by distraint, or the tax and fine may be recovered by an action instituted by the commissioner in any court of competent jurisdiction.

(4) The commissioner shall pay to the Treasurer of State any fine so collected.