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Texas Insurance Code - INS § 84.022. Penalty Amount

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

(a) The penalty for a violation may not exceed $25,000, unless a greater or lesser penalty is specified by this code or another insurance law of this state.

(b) The amount of the penalty shall be based on:

(1) the seriousness of the violation, including:

(A) the nature, circumstances, extent, and gravity of the violation;  and

(B) the hazard or potential hazard created to the health, safety, or economic welfare of the public;

(2) the economic harm to the public interest or public confidence 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;

(6) whether the violation was intentional;  and

(7) any other matter that justice may require.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 84.022. Penalty Amount - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-84-022/

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