23 CAR § 22-124. Penalties

(a) General. (1) Upon failure of the applicant, licensee, registrant, permittee, or other person to pay the fees required by this part or to pay them timely when due, absent an extension granted by the Insurance Commissioner, the commissioner may, after notice and a hearing and in his or her reasonable discretion: (A) Deny the license, registration, permit, or certificate of authority requested (or renewal license, registration, permit, or certificate of authority requested) in his or her order; or (B) Order suspension or revocation of the delinquent person's license, permit, registration, or certificate of authority. (2) If the commissioner orders a suspension, it shall continue until all fees and penalties are remitted to "The State Insurance Department Trust Fund", up to a full twelve (12) months, at which time the commissioner may, in his or her discretion, order continuation of the suspension for an additional twelve (12) months, or may order revocation or cancellation of the license, registration, permit, or certificate of authority for violations of his or her order and this part. (3) All such licensees, registrants, and permittees upon written request shall have the right to and shall be granted a hearing before the commissioner or his or her designee, pursuant to Arkansas Code § 23-61-303(b), unless voluntarily waived. (b) Insurers. Absent the commissioner’s approval of a time extension for good cause shown on or before the due date, all licensed insurers failing timely to report and/or pay the fees when due may be subject to an automatic penalty of one hundred dollars ($100) a day for each day of delinquency, payable to "The State Insurance Department Trust Fund". (c) Civil or administrative action. (1) The commissioner, on behalf of the State Insurance Department Trust Fund, may: (A) Pursue any civil cause of action for collection of the fees and penalties due under this part; (B) Pursue any claims against a security deposit as the commissioner is entitled to make; (C) Reject or refuse to accept or disapprove any companion filing or license request; or (D) Pursue any combination of these remedies as appropriate. (2) In the event the commissioner pursues a civil cause of action on behalf of the State Insurance Department Trust Fund, he or she shall be entitled to request and recover all costs of collection, including reasonable attorney fees and expenses, if and as incurred. (d) Doctrine of election of remedies. The doctrine of election of remedies shall not be imposed against the commissioner, i.e., he or she is entitled to seek all appropriate administrative and judicial remedies in protection of the State Insurance Department Trust Fund and the public interest.