Sec. 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 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle D - Guaranty Associations
Chapter 462 - Texas Property and Casualty Insurance Guaranty Association
Subchapter A. General Provisions
Section 462.004. General Definitions
Section 462.005. Description of Control
Section 462.006. Net Direct Written Premiums
Section 462.007. Applicability in General; Exceptions
Section 462.008. Applicability to Texas Mutual Insurance Company
Section 462.010. Conflict With Other Laws
Section 462.011. Immunity in General
Section 462.012. Immunity in Relation to Certain Reports and Recommendations
Section 462.013. Immunity in Relation to Certain Negotiations
Section 462.015. Information Provided by or to Commissioner
Section 462.016. Penalty for Failure to Pay Assessments or Comply With Plan of Operation