Texas Insurance Code
§ 841.705 — PENALTY FOR FAILURE TO INVEST OR REPORT
IN § 841.705Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part C. LIFE, HEALTH, AND ACCIDENT INSURERS AND RELATED ENTITIES · Ch. 841. LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES · Art. O. ENFORCEMENT AND INTERVENTION
Statute text
View on source(a)In addition to the penalty provided by this subchapter, an insurance company is subject to a penalty as prescribed by Subsection (b) if, while holding a certificate of authority to engage in the business of insurance in this state, or after the company ceases to write new business or ceases to hold a certificate of authority, the company intentionally fails or refuses to:
(1)make the investments required by Chapter 425;
(2)make a report required by a law described by Section 841.002;
(3)make any special report requested by the commissioner under a law described by Section 841.002; or
(4)comply with another provision of a law described by Section 841.002.
(b)A penalty under this section is in the amount of $25 per day for each day the company remains in default after the commissioner notifies the company of the default in the manner provided by this subchapter.
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Legislative history
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 15, eff. April 1, 2007.