Texas Insurance Code - Not Codified - Article 4.62. Administrative Penalty
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Art. 4.62. ADMINISTRATIVE PENALTY. (a) The comptroller may
impose an administrative penalty on a certified capital company
that violates this subchapter.
(b) The amount of the penalty may not exceed $25,000, and
each day a violation continues or occurs is a separate violation for
the purpose of imposing a penalty. The amount of the penalty shall
be based on:
(1) the seriousness of the violation, including the nature,
circumstances, extent, and gravity of the violation;
(2) the economic harm caused by the violation;
(3) the history of previous violations;
(4) the amount necessary to deter a future violation;
(5) efforts to correct the violation; and
(6) any other matter that justice may require.
(c) Certified capital companies assessed penalties under
this subchapter may request a redetermination as provided in
Chapter 111, Tax Code.
(d) The attorney general may sue to collect the penalty.
(e) A proceeding to impose the penalty is considered to be a
contested case under Chapter 2001, Government Code.
Added by Acts 2001, 77th Leg., ch. 437, Sec. 1, eff. May 28, 2001.
Article: 4.55 4.56 4.57 4.58 4.59 4.60 4.61 4.62 4.63 4.64 4.65 4.66 4.67 4.68 4.69
Last modified: August 11, 2007
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