Texas Statutes (Last Updated: January 4, 2014) |
INSURANCE CODE |
Title 4. REGULATION OF SOLVENCY |
Subtitle D. GUARANTY ASSOCIATIONS |
Chapter 463. TEXAS LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION |
Subchapter D. ASSESSMENTS |
Sec. 463.159. FAILURE TO PAY; COLLECTION BY COMMISSIONER
Latest version.
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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.
Added by Acts 2005, 79th Leg., Ch. 727 , Sec. 1, eff. April 1, 2007.