Tex. Ins. Code § 462.016 · Subchapter A. GENERAL PROVISIONS
PENALTY FOR FAILURE TO PAY ASSESSMENTS OR COMPLY WITH PLAN OF OPERATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The commissioner shall suspend or revoke, after notice and hearing, the certificate of authority to engage in the business of insurance in this state of a member insurer that:
(1) fails to pay an assessment at the time the assessment is due; or
(2) otherwise fails to comply with the plan of operation.
(b) As an alternative to action under Subsection (a), the commissioner may assess a fine on a member insurer that fails to pay an assessment at the time the assessment is due. The fine may not exceed the lesser of:
(1) five percent of the unpaid assessment per month; or
(2) $100 per month.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.462.htm
- Text hash
- sha256 efb975d054107eb0179e6037b17d1a93223c77a7e4fed2573c34932acde64e76
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.