Texas Insurance Code

§ 830.012 — ADMINISTRATIVE PENALTY

IN § 830.012Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 830. OWN RISK AND SOLVENCY ASSESSMENT

Statute text

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(a)An insurer that, without good cause, fails to timely file the summary report as required by this chapter commits a violation subject to an administrative penalty under Chapter 84.

(b)Each day the violation continues is a separate violation for purposes of this section.

(c)The commissioner may reduce the amount of the penalty assessed under this section if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.

Legislative history

Added by Acts 2015, 84th Leg., R.S., Ch. 39 (S.B. 655), Sec. 1, eff. May 19, 2015.