Texas Insurance Code - Section 462.016. Penalty For Failure To Pay Assessments Or Comply With Plan Of Operation
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§ 462.016. PENALTY FOR FAILURE TO PAY ASSESSMENTS OR
COMPLY WITH PLAN OF OPERATION. (a) The commissioner shall suspend
or revoke, after notice and hearing, the certificate of authority
to engage in the business of insurance in this state of a member
insurer that:
(1) fails to pay an assessment at the time the
assessment is due; or
(2) otherwise fails to comply with the plan of
operation.
(b) As an alternative to action under Subsection (a), the
commissioner may assess a fine on a member insurer that fails to pay
an assessment at the time the assessment is due. The fine may not
exceed the lesser of:
(1) five percent of the unpaid assessment per month;
or
(2) $100 per month.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 462.009 462.010 462.011 462.012 462.013 462.014 462.015 462.016 462.017 462.051 462.052 462.053 462.054 462.055 462.056
Last modified: August 10, 2007
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