(a) The Insurance Commissioner may impose sanctions on companies which have failed to comply with the provisions of this part in:

1. (1) Completing the annual statement with the appropriate actuarial certification and opinion; or
2. (2) Failing to file the statement of opinion when eligible for any exemptions under this part.

(b) Such sanctions shall include, but not be limited to, those the Insurance Commissioner may impose on companies for failure to file or failure to file a complete annual statement under Arkansas Code § 23-63-216, including:

1. (1) License suspension or revocation; and
2. (2) Monetary fines or penalties.

(c) Companies and actuaries filing false statements of financial conditions in connection with the actuarial opinions required by this part, filing false or fraudulent actuarial opinions with the Insurance Commissioner, or knowingly making a false entry in these actuarial opinions in the reports or annual statements of the companies shall be:

1. (1) Deemed to have committed a trade practice violation under the Trade Practices Act, Arkansas Code § 23-66-201 et seq., and this part, in addition to other applicable provisions of Arkansas laws and rules; and

2. (2) Subject to administrative proceedings culminating in possible:

   1. (A) Cease and desist orders;
   2. (B) Monetary penalties; and/or
   3. (C) License suspensions or revocations.