(a) A reinsurance intermediary, insurer, or reinsurer found by the Insurance Commissioner, after a hearing conducted in accordance with §§ 23-61-301 - 23-61-307 , to be in violation of any provision of this subchapter shall: (1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000); (2) Be subject to revocation or suspension of its license; and (3) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation. (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 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, creditors, or other third parties, or confer any rights to those persons. Acts 1993, No. 527, § 1. (a) A reinsurance intermediary, insurer, or reinsurer found by the Insurance Commissioner, after a hearing conducted in accordance with §§ 23-61-301 - 23-61-307 , to be in violation of any provision of this subchapter shall: (1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000); (2) Be subject to revocation or suspension of its license; and (3) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation. (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 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, creditors, or other third parties, or confer any rights to those persons. Acts 1993, No. 527, § 1. (a) A reinsurance intermediary, insurer, or reinsurer found by the Insurance Commissioner, after a hearing conducted in accordance with §§ 23-61-301 - 23-61-307 , to be in violation of any provision of this subchapter shall: (1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000); (2) Be subject to revocation or suspension of its license; and (3) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation. (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 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, creditors, or other third parties, or confer any rights to those persons. Acts 1993, No. 527, § 1. (a) A reinsurance intermediary, insurer, or reinsurer found by the Insurance Commissioner, after a hearing conducted in accordance with §§ 23-61-301 - 23-61-307 , to be in violation of any provision of this subchapter shall: (1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000); (2) Be subject to revocation or suspension of its license; and (3) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation. (1) For each separate violation, pay a penalty in an amount not exceeding five thousand dollars ($5,000); (2) Be subject to revocation or suspension of its license; and (3) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator, or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation. (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 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, creditors, or other third parties, or confer any rights to those persons. Acts 1993, No. 527, § 1.
‹ Prev All Arkansas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.