Texas Insurance Code

§ 463.159 — FAILURE TO PAY; COLLECTION BY COMMISSIONER

IN § 463.159Title 4. REGULATION OF SOLVENCY · Part D. GUARANTY ASSOCIATIONS · Ch. 463. TEXAS LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION · Art. D. ASSESSMENTS

Statute text

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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.

Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.