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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 7. LIFE INSURANCE AND ANNUITIES |
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Subtitle A. LIFE INSURANCE IN GENERAL |
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Chapter 1114. REPLACEMENT OF CERTAIN LIFE INSURANCE POLICIES AND ANNUITIES |
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Subchapter C. ENFORCEMENT |
Sec. 1114.102. ADDITIONAL SANCTIONS
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(a) In addition to sanctions and penalties under Chapter 541 as provided by Section 1114.101, an insurer or agent that violates this chapter is subject to sanctions as provided by Chapter 82, which may include:
(1) the revocation or suspension of the agent's license or the insurer's certificate of authority;
(2) administrative penalties under Chapter 84; and
(3) forfeiture of any commissions or other compensation paid to an agent as a result of the transaction in connection with which the violations occurred.
(b) In addition, if the commissioner has determined that the violations of this chapter were material to the sale, the insurer may be required to:
(1) make restitution in the manner provided by Section 82.053;
(2) restore policy or contract values; and
(3) pay interest at the rate set by Section 84.050 on the amount refunded in cash.