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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 11. TITLE INSURANCE |
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Subtitle C. FINANCIAL SOLVENCY |
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Chapter 2602. TEXAS TITLE INSURANCE GUARANTY ASSOCIATION |
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Subchapter E. ASSESSMENTS |
Sec. 2602.209. FAILURE TO PAY; COLLECTION BY COMMISSIONER
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(a) The association shall promptly report to the commissioner a failure of a title insurance company to pay an assessment when due.
(b) On failure of a title insurance company to pay an assessment when due, the commissioner may either:
(1) suspend or revoke, after notice and hearing, the company's certificate of authority to engage in business in this state; or
(2) assess an administrative penalty as provided by Chapter 84 in an amount not to exceed the greater of five percent of the unpaid assessment each month or $100 each month.
(c) A title insurance company whose certificate of authority is canceled or surrendered is liable for any unpaid assessments made before the date of the cancellation or surrender.
(d) The commissioner may collect an assessment on behalf of the association through a suit brought for that purpose.