What is a general penalty for violating the state insurance code in Arkansas?

The general penalty for violating the state insurance code in Arkansas includes a fine range of $60 to $1,000 and/or license suspension. This reflects the seriousness with which Arkansas views compliance with its insurance regulations. The range of the fine allows for flexibility based on the severity of the violation, while the option of license suspension serves as a strong deterrent to ensure that insurance professionals adhere to the laws and standards set forth in the state. Such penalties are designed to maintain order and protect consumers in the insurance market. The other options do not encompass the full scope of penalties that can be imposed; for example, a fine of up to $500 does not account for the broader range allowed, and only offering a written warning fails to reflect the regulatory framework that necessitates more substantial consequences for violations. Additionally, the requirement of a mandatory educational course does not serve as a penalty but rather as a remedial measure, which is distinctly different from punitive action taken against violators.