(1) Except for state or federal agencies that are submitting entities, a submitting entity that fails to submit data as required by this subchapter or the rules of the State Insurance Department may be subject to a penalty.
(2) The department shall adopt a schedule of penalties not to exceed one thousand dollars ($1,000) per day of violation, determined by the severity of the violation.
(3) A penalty imposed under this section may be remitted or mitigated upon such terms and conditions as the department considers proper and consistent with the public health and safety.
(4) A penalty remitted under this section shall be used for Arkansas Healthcare Transparency Initiative operations.