(a)

(1) Upon the suspension or revocation of a license, the Insurance Commissioner shall immediately notify the licensee of the suspension or revocation either in person or by mail addressed to the licensee at the licensee's address last of record with the commissioner or by electronic notice.

(2) Notice by mail or by electronic mail shall be deemed effectuated when so mailed.

(3) The commissioner shall give like notice to the insurers represented by the agent in the case of an agent's license. Upon receipt of notice from the commissioner that the license has been revoked, each insurer represented by the agent shall take appropriate and prompt action necessary to:

(A) Retrieve from the agent all solicitation materials, policy applications, binders, and all other materials in the possession of the agent that are the property of such an insurer; and

(B) Retrieve the agent's policyholder files and records for policies in force at the time such an insurer receives notice of the revocation.

(b) The commissioner may not again issue a license under the Arkansas Insurance Code to any person whose license has been revoked until after the expiration of three (3) years, and thereafter not until:

(1) The person has paid in full any fines, administrative penalties, or monetary penalties imposed on the person at the time of revocation;

(2) The person has paid restitution of actual losses to affected persons when the order of revocation contains findings that the conduct of the person resulted in actual losses to affected persons; and

(3) The person again qualifies for license in accordance with the applicable provisions of the Arkansas Insurance Code.

(c) If the license of a firm, limited liability company, or corporation is so suspended or revoked, no member of the firm or limited liability company or officer or director of the corporation shall be licensed or be designated in any license to exercise the powers thereof during the period of the suspension or revocation unless the commissioner determines upon substantial evidence that the member, officer, or director was not personally at fault and did not acquiesce in the matter on account of which the license was suspended or revoked.