2019 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 3 - Insurance
Chapter 64 - Licensees, Agents, Brokers, Adjusters, and Consultants
Subchapter 4 - Managing General Agents Act
§ 23-64-407. Penalties for Violations

Universal Citation: AR Code § 23-64-407 (2019)
  • (a) If the Insurance Commissioner finds after a hearing conducted in accordance with § 23-61-301 et seq. that any person has violated any provision of this subchapter, the commissioner may order:

    • (1) For each separate violation, a penalty in an amount of two thousand dollars ($2,000) or, if the commissioner has found willful misconduct or willful violation, ten thousand dollars ($10,000);

    • (2) Revocation or suspension of the managing general agent's license; and

    • (3) The managing general agent to reimburse the insurer, the rehabilitator, or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this subchapter committed by the managing general agent.

  • (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 for 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, and auditors.

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