(a) After notice and hearing, the Insurance Commissioner may suspend or revoke the certificate of authority to transact business in this state of any insurer who fails to pay an assessment when due.
(b) As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed one hundred dollars ($100) per day.
(c) Any insurer whose certificate of authority to do business in this state is cancelled or surrendered shall be liable for any unpaid assessments made prior to the date of the cancellation or surrender.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 90 - Arkansas Property And Casualty Insurance Guaranty Act
§ 23-90-104. Applicability — Exceptions
§ 23-90-106. Arkansas Property and Casualty Advisory Association — Creation — Members
§ 23-90-107. Arkansas Property and Casualty Advisory Association — Procedures
§ 23-90-108. Arkansas Property and Casualty Advisory Association — Powers and duties
§ 23-90-109. Arkansas Property and Casualty Advisory Association — Reports and recommendations
§ 23-90-111. Covered claims — Notification to insureds of insurer's insolvency
§ 23-90-112. Estimation of amount needed to pay claims — Assessment of insurers
§ 23-90-113. Failure to pay assessment
§ 23-90-114. Accounting for and repayment of assessments
§ 23-90-115. Payment of covered claims
§ 23-90-116. Duties of receiver
§ 23-90-117. Right of recovery
§ 23-90-118. Issuance of new or renewal policies
§ 23-90-119. Assessment as credit against taxes
§ 23-90-120. Liability of insurer, commissioner, etc
§ 23-90-121. Certain advertisements, announcements, and statements prohibited — Exception