Texas Insurance Code - Section 401.021. Penalty For Failure To Comply
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§ 401.021. PENALTY FOR FAILURE TO COMPLY. (a) If an
insurer or health maintenance organization fails to comply with
this subchapter, the commissioner shall order that the insurer's or
health maintenance organization's annual audit be performed by a
qualified independent certified public accountant.
(b) The commissioner shall assess against the insurer or
health maintenance organization the cost of auditing the insurer's
or health maintenance organization's financial statement under
this section.
(c) The insurer or health maintenance organization shall
pay to the commissioner the amount of the assessment not later than
the 30th day after the date the commissioner issues the notice of
assessment to the insurer or health maintenance organization.
(d) Money collected under this section shall be deposited to
the credit of the Texas Department of Insurance operating account
for use by the commissioner and the department to pay the expenses
incurred under this subchapter.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 401.014 401.015 401.016 401.017 401.018 401.019 401.020 401.021 401.051 401.052 401.053 401.054 401.055 401.056 401.057
Last modified: August 11, 2007
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