(a)(1) If a surplus lines broker fails to file his or her quarterly statement by the due dates in § 23-65-314, he or she shall be liable for a fine of fifty dollars ($50.00) for each day of delinquency commencing with the due date.(2) The Insurance Commissioner may grant a reasonable extension of time within which the statement may be filed for good cause shown and after a written request.(3) The fine may be recovered by an action instituted by the commissioner in any court of competent jurisdiction.(4) The commissioner shall pay to the Treasurer of State any fine so collected.(b)(1) If a surplus lines broker fails to remit the tax as provided by law by the due date, the surplus lines broker shall be liable for a fine of fifty dollars ($50.00) for each day of delinquency commencing with the sixty-first day after the end of the month in which surplus lines insurance was procured.(2) The commissioner shall pay to the Treasurer of State any fine so collected.Acts 1959, No. 148, § 202; 1985, No. 804, § 11; A.S.A. 1947, § 66-2922; Acts 1987, No. 456, § 13; 2011, No. 1055, § 2.
Arkansas Legal Code