Ark. Code Ann. § 23-67-205: Penalties

(a) Whenever the Insurance Commissioner shall have reason to believe that any person has violated any provision of this chapter, he or she shall issue and serve upon the person a statement of the alleged violations and a notice of hearing as provided by § 23-67-221 [repealed]. (b) If, after a hearing, the commissioner determines that the person has violated a provision of this chapter, the commissioner shall issue a written order which, in his or her discretion, may do one (1) or more of the following: (1) Revoke the certificate of authority of the insurer or the license of the advisory organization; (2) Suspend the certificate of authority of the insurer or the license of the advisory organization; or (3) Require the payment of a monetary penalty of not more than one thousand dollars ($1,000) for each violation or a penalty of not more than ten thousand dollars ($10,000) for each violation if the commissioner has found willful violations. Acts 1987, No. 959, § 18.

(a) Whenever the Insurance Commissioner shall have reason to believe that any person has violated any provision of this chapter, he or she shall issue and serve upon the person a statement of the alleged violations and a notice of hearing as provided by § 23-67-221 [repealed].

(b) If, after a hearing, the commissioner determines that the person has violated a provision of this chapter, the commissioner shall issue a written order which, in his or her discretion, may do one (1) or more of the following: (1) Revoke the certificate of authority of the insurer or the license of the advisory organization; (2) Suspend the certificate of authority of the insurer or the license of the advisory organization; or (3) Require the payment of a monetary penalty of not more than one thousand dollars ($1,000) for each violation or a penalty of not more than ten thousand dollars ($10,000) for each violation if the commissioner has found willful violations.

(1) Revoke the certificate of authority of the insurer or the license of the advisory organization;

(2) Suspend the certificate of authority of the insurer or the license of the advisory organization; or

(3) Require the payment of a monetary penalty of not more than one thousand dollars ($1,000) for each violation or a penalty of not more than ten thousand dollars ($10,000) for each violation if the commissioner has found willful violations.