Texas Insurance Code

§ 228.303 — ADMINISTRATIVE PENALTY

IN § 228.303Title 3. DEPARTMENT FUNDS, FEES, SURCHARGES, AND TAXES · Part B. INSURANCE PREMIUM TAXES · Ch. 228. PREMIUM TAX CREDIT FOR CERTAIN INVESTMENTS · Art. G. ENFORCEMENT

Statute text

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(a)The comptroller may impose an administrative penalty on a certified capital company that violates this chapter.

(b)The amount of the penalty may not exceed $25,000. Each day a violation continues or occurs is a separate violation for the purpose of imposing the penalty. The amount of the penalty shall be based on:

(1)the seriousness of the violation, including the nature, circumstances, extent, and gravity of the violation;

(2)the economic harm caused by the violation;

(3)the history of previous violations;

(4)the amount necessary to deter a future violation;

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Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.