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Texas Insurance Code - INS § 462.016. Penalty for Failure to Pay Assessments or Comply with Plan of Operation

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 462.016. Penalty for Failure to Pay Assessments or Comply with Plan of Operation - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-462-016/

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