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054.01.82-8. Compliance Mitigation; Penalties; Enforcement

AR ADC 054.01.82-8Arkansas Administrative CodeEffective: January 8, 2021

West's Arkansas Administrative Code
Title 054. Insurance Department
Division 01. Legal Division
Rule 82. Suitability in Annuity Transactions
Effective: January 8, 2021
Ark. Admin. Code 054.01.82-8
Formerly cited as AR ADC 054.00.82-7
054.01.82-8. Compliance Mitigation; Penalties; Enforcement
Currentness
A. An insurer is responsible for compliance with this Rule. If a violation occurs, either because of the action or inaction of the insurer or its producer, the Commissioner may order:
(1) An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this Rule by the insurer, an entity contracted to perform the insurer's supervisory duties or by the producer;
(2) A general agency, independent agency or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this Rule; and
(3) Appropriate penalties and sanctions.
B. Any applicable penalty under Ark. Code Ann. ยงยง 23-66-201, et seq., for a violation of this Rule may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.
C. The authority to enforce compliance with this Rule is vested exclusively with the Commissioner.

Credits

Amended July 15, 2009; Jan. 8, 2021.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.01.82-8, AR ADC 054.01.82-8
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