Sec. 463.159. FAILURE TO PAY; COLLECTION BY COMMISSIONER. On failure of a member insurer to pay an assessment when due, the commissioner may either:
(1) suspend or revoke, after notice and hearing, the insurer's certificate of authority to engage in the business of insurance in this state; or
(2) levy a forfeiture in an amount not less than $100 each month or more than five percent of the unpaid assessment each 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 463 - Texas Life and Health Insurance Guaranty Association
Section 463.151. Making and Payment of Assessment
Section 463.152. Classes of Assessments
Section 463.153. Amount of Assessments
Section 463.155. Deposit of Assessments
Section 463.156. Certificate of Contribution
Section 463.158. Use of Assessments
Section 463.159. Failure to Pay; Collection by Commissioner
Section 463.160. Premium Tax Credit for Class a Assessment
Section 463.161. Premium Tax Credit for Class B Assessment