1. (a)

   1. (1) The Insurance Commissioner may suspend or revoke upon notice and a hearing or nonrenew or refuse to continue without notice and a hearing the license of any limited adjuster who has failed to comply with the license continuation provisions of Arkansas Code § 23-64-215, as amended by Acts 1997, No. 1004, including failure of the limited adjuster to remit or timely remit the annual fees or ARF fees to the commissioner.
   2. (2) Alternately the commissioner may in his or her discretion impose a monetary penalty in the amounts contained in Arkansas Code § 23-64-216, as amended by Acts 1997, No. 1004.

2. (b) The commissioner may immediately terminate, cancel, or expire any license of a limited adjuster without notice or a hearing upon adequate proof that the:

   1. (1) Limited adjuster is no longer a full-time employee of the self-insured employer;

   2. (2) Self-insured employer:

      1. (A) Has terminated its self-insurance plan;
      2. (B) Has gone out of business; or
      3. (C) No longer has insured employees within the State of Arkansas; or
   3. (3) Limited adjuster is no longer employed as an adjuster or claims representative for the self-insured entity or employer but has been hired in a new capacity by such employer.

3. (c) The commissioner may suspend, revoke, or nonrenew or refuse to continue the license of any limited adjuster who is in violation of or noncompliance with the:

   1. (1) Provisions of the unfair trade practices laws of the state under the Trade Practices Act, Arkansas Code § 23-66-201 et seq., and Arkansas Code§ 23-66-301 et seq.;
   2. (2) License provisions under Arkansas Code § 23-64-101 et seq., and § 23-64-201 et seq., particularly Arkansas Code § 23-64-216 as amended by Acts 1997, No. 1004; or
   3. (3) Laws of the State of Arkansas, the Arkansas Insurance Code, or rules of the commissioner.

4. (d) Administrative proceedings under this part shall be conducted under the:

   1. (1) Arkansas Administrative Procedure Act, Arkansas Code § 25-15-201 et seq., as applicable; or
   2. (2) Provisions of the Arkansas Insurance Code under Arkansas Code § 23-61-301 et seq.

5. (e) The commissioner may not again issue any license to an applicant or limited adjuster whose:

   1. (1) Other insurance license under the insurance laws has been suspended or revoked; or
   2. (2) Limited adjuster’s license under this part has been revoked.
6. (f) Upon any revocation, suspension, cancellation, expiration, or lapse, the limited adjuster’s license shall be returned to the State Insurance Department as the property of the State of Arkansas.

Codification Notes: "ARF" means administrative and regulatory fee.