Tex. Insurance Code § 462.016
PENALTY FOR FAILURE TO PAY ASSESSMENTS OR COMPLY WITH PLAN OF OPERATION
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 462.016, PENALTY FOR FAILURE TO PAY ASSESSMENTS OR COMPLY WITH PLAN OF OPERATION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/677802
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Full text
(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.